US equities are very significantly higher, but its arguably just another bounce, within a broader downward trend. VIX has cooled to the 32s, but that is still distinctly high, as the market is vulnerable to 2% intraday swings.
sp’60min
VIX’60min
Summary
S/t momentum is increasingly positive, and should carry the market upward into the mid afternoon. Resistance is clear… 4340s.
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notable stock: UAL
Airlines bouncing with the main market. Broadly… nothing has changed. I’m just wondering if the March 2020 low will be tested this April/May… and that doesn’t even require a recession!
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notable weakness: XOM
Yesterday’s spiky black candle played out. Lower with the sector. The bold will be buying, on a m/t outlook.
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notable gold ETF: GLD, 60min
Still no sign of a s/t cyclical floor, and even the bold will arguably be waiting into the afternoon.
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notable miner ETF: GDX, 60min
Note we came close to tagging orange gap. No clear turn/floor yet… but its due.
Time for lunch…