US equities are struggling as the sellers continue to appear on EVERY. SINGLE. BOUNCE. Next support are the mid/low 3800s.
sp’60min
VIX’60min
Summary
*sorry for the late 11am post. Seeing ARKK print the $39s was overly exciting, and I lost track of time, as dinner was set to burn (much like the ETF of ARKK).
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So… a full reversal, breaking a new cycle low of 3969. I guess it makes for a turnaround Tuesday! Its difficult to see anything >4100, even if the CPI data comes in ‘okay’ tomorrow. Those 3500s are looking very much on track.
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notable Dow component: MSFT
Psy’ $200 has to be target… and is HIGHLY supportive to the notion of the SPX 3500s.
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notable stock: TSLA
M/t broken with the main market. 550/500. I’ve had a few tell me that would be problematic for Elon with collateral calls.
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notable Dow component: HD
M/t broken. Natural target is the lower monthly bollinger, currently 225, although rising to 240/250 in June.
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notable miner: FCX
Red gap 32/31s appears inevitable. The real problem… if copper loses $4.00 (currently $4.17).
Time to check on the cheerleaders…