As the Powell continues to respond to the media hacks, US equities are pretty twitchy. The SPX is offering a s/t high of 4039. Basic downside target is red gap to 3975 as is clearly viable tomorrow. VIX is trying to build a floor from around the key 20 threshold.
sp’60min
VIX’60min
Summary
A new intraday high of 4039… with VIX having resumed lower.
Mainstream cheerleaders are trying really hard to convince themselves that ‘everything is gonna be great’.
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Yours truly holds short from sp’4017.
I’ll sleep okay with May PUTS, even if we settle net higher.
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Back around 3.20pm in THIS post.
3.05pm… SPX -17pts…
Much better, as red gap might be settled within!
Again, I’d note the 2pm candle… its VERY spiky, highly suggestive of a s/t exhaustion top. Momentum has turned negative.
3.10pm… SPX 3975… red gap tagged.
Lower bollinger threatens as low as 3930 BEFORE today’s close… or early Thursday. I don’t mind either!
3.21pm…
A full reversal… of a reversal. A real mess.. but still… the s/t cyclical setup will still favour the bears. I’m open to 4050/60s, but tomorrow is a Thursday, and will inclined to cool.
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3.32pm
S/t momentum has turned negative… again, as the setup favours the bears into early Thurs’. I’d like a hit of the lower bollinger before my next exit.
3.37pm… sp’3981.
A bearish DAILY candle (<3975) would give confidence 4039 is a key high.
3.39pm…
VIX momentum due to turn positive, bodes bearish for equities into early Thurs’. I’ll hope for the SPX to gap lower to the 3940/30s… where I’d likely exit.
3.41pm SPX -21pts at 3981.
I will hold overnight.
BACK at the close!