US equities are choppy… if still leaning on the positive side. Mr Market remains tired ahead of Powell.
sp’60min
VIX’60min
Summary
So…. the threat is Powell will give the market the excuse to initially spike higher… before reversing.
Its equally plausible we just gap lower… and go, and break a new cycle low <4119. A valid target would be the lower daily bollinger – around 4050… some 2.2% lower.
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notable stock: F
Price structure IS a baby H/S.
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notable stock: TSLA
M/t bearish psy’200/175.
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notable health: PFE
An Israeli study says Paxlovid ($750 for 5 days) is effectively pointless for those aged <65. Its almost a wonder the stock isn’t -5%. Regardless… m/t bearish 40/39.
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notable semicon: INTC
Spurious bounce. M/t bearish 21/20 which does seem realistic by early Nov’ if sp’3200 or lower.
Its cheerleader time, but I’ve at least one more week vacation from CNBC. I’ll some extra things on Twitter.