US equities open on a positive note, but the gains are pretty shaky, as there remain sellers on every single bounce. The s/t cyclical setup favours the bulls, but if CPI data ain’t pretty, we’ll flash print the low 3800s within 0.5 seconds tomorrow at 8.30am.
sp’60min
VIX’60min
Summary
Massive resistance… 4200, and then 4300. The latter looks a stretch, even if CPI comes in ‘cool’ tomorrow. As I noted on Twitter… all bounces are to be seen as such.
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notable stock: OXY
Earnings are due in AH, which should be good, with a distinctly positive outlook.
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notable Dow component: MSFT
Bouncing with the main market. Yesterday’s break <270 bodes for $200 in June.
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notable strength: AMD
Bouncing with the main market. Natural support is the lower bollinger, currently in the $57s. Its arguable that $60 (in June) would sync with the sp’3500s… where I’d be a willing buyer.
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notable stock: TSLA
Bouncing with the main market. The stock IS m/t broken. Natural target 550/500. I’d accept that looks a stretch… even if sp’3500.
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I’ll highlight today’s ‘horror stocks’ via Twitter, a company that is itself another day closer to being delisted.