US equities open in minor chop mode, as pre-market gains effectively fully faded. WTIC printed $79.65. USD is broadly flat in the DXY 106s.
sp’60min
VIX’60min
Summary
The problem for the bears… s/t momentum is on the low side.
Typically, we should look for some hours of chop, to burn off the oversold conditions… with a resulting bear flag in the SPX, and bull flag in the VIX.
*as noted via Twitter, I’d keep in mind the bigger daily cycles are turning toward the equity bears, as the setup for Wednesday offers some drama. Powell is actually due tomorrow (1.30pm or so).
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notable Dow component: AAPL
A vain attempt to bounce. Ongoing unrest in China is clearly going to be an issue into year end. Momentum has turned negative.
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notable energy: OXY
Bouncing… but the problem is oil, which is actually m/t bearish.
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notable semicon: AMD
The equity bears need to see this resume lower to have hope of the sp’3850s within ‘days’. Momentum due to turn negative Thurs/Friday.
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notable miner: GOLD
Miners higher with gold/silver, but this remains a problem with the main market. Momentum has turned negative.