US equities are battling to stay positive, as s/t momentum is weakening. Nasdaq comp’ has turned red… with VIX printing 21s. An interesting reversal… but then, its a Thursday.
sp’60min
VIX’60min
Summary
I’d note this morning’s momentum/cycle high was lower than yesterday.
Equity momentum prone to turning negative by mid afternoon, with net daily declines. To be clear… s/t vulnerable, but 4370 looks very secure into early May.
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notable stock: NFLX
Those buying into the m/t horror… are paying the price. Next support… $124s.
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notable weakness: FB
Such a shame. 🙂
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notable commodity stock: AA
Earnings were broadly good, but the market is using a rev’ miss as the excuse to nuke the stock. Pretty stupid… for what is still m/t bullish.
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notable miner: NEM
Newmont whacked lower with the sector. Not pretty. 50dma $74s.
Time to check on the cheerleaders… or maybe just get back to bed.