US equity indexes are increasingly mixed, with the Nasdaq having already turned positive. USD is +0.5%, printing a new cycle high of 101.82.
sp’60min
VIX’60min
Summary
Natural target on a bounce… 4380/90s, before a more serious attempt to break <4K in May.
I would be open that Tuesday might print a lower low, to SPX 4188/73 gap… before the 4380/90s. Further, the upper 4300s will make for one very attractive level to short via SPY and/or long VIX.
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notable Dow component: MSFT
We have a clear case of buyers ahead of Tues’ AH earnings.
A bounce does appear due… if only a few days.
An eventual break <270, will offer a H/S target of psy’ $200.
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notable energy: OXY
Energy stocks washing out with the main market, not helped with WTIC $95s
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notable stock: NFLX
Some of the tech stocks have turned positive, but Netflix is battling to hold psy’ $200. S/t bullish… m/t bearish to $124, if not psy’ $100.
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notable miner: FCX
Freeport hit with the main market, and copper printing $4.42. Alarm bells if <psy’ $4.00.
Time for a light lunch…