US equities are significantly lower, as there were sellers into the early bounce attempt. Soft target remains sp’4400. VIX has printed the 27s.
sp’60min
VIX’60min
Summary
S/t equity momentum has turned negative (with VIX mirroring by turning positive), which bodes problematic into the mid afternoon. The real problem…. Tuesday’s CPI data, which will be an excuse for a break <4400. Daily lower bollinger will be offering 4350 tomorrow.
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notable Dow component: MSFT
Leading the Nasdaq lower. Structure remains ‘curious’. Bears can argue we saw a failed ‘bear market rally’. The cautious would have to wait to chase lower under the neckline. It merits attention, with main market implications for May-July.
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notable weakness: AMD
Mr Market has washed out the psy’ $100 stops. The stock is m/t broken.
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notable strength: F
I see no news. M/t broken, as the $12s look pretty easy.
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notable energy: OXY
Occidental just cooling back with oil. Broadly… it remains multi-week bullish consolidation.
Time for lunch…