US equities are very significantly lower. Yesterday’s bearish engulfing candles were highly suggestive of downside, but it remains surprising to see 4370 taken out. VIX 25s are reflective of a market that isn’t happy about rate hike’2… due May 4th.
sp’60min
VIX’60min
Summary
*repeated micro bounce attempts… but they keep failing.
Hourly RSI <30, as we’re officially oversold. Next opp’ for a turn… around 2.30pm… but clearly, we’re due to settle net lower for the day and the week. With just five days left of April, bears are set for a bearish monthly close.
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notable stock: CLF
Early gains fully eroded.
I’m marginally annoyed at myself for not putting in a stop and getting kicked, but I want the $33s at least. I’m fine to hold into next week.
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notable stock: FB
The March low has been broken under. Cyclically low.
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notable Dow component: DIS
Simply just m/t bearish anyway. Next support $111s.
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notable miner: UEC
Canaccord, speculative buy>hold, $5.50.
Time to check on the cheerleaders…