US equities open on a weak note, largely due to European markets. The s/t cyclical setup favours the bulls, especially from 11am onward. VIX will be inclined to cool back from the 24s.
sp’60min
VIX’60min
Summary
So… early weakness, but nothing that merits any hysteria.
Maybe we’ll test 3900 by 11am, but I wouldn’t be surprised to see indexes turn positive before the weekend.
The cautious will NOT be taking any positions ahead of the weekend.
Yours truly is merely looking for another bounce to re-short.
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Some perspective…. SPX daily5
First, yesterday’s black candle played out.
Momentum remains marginally positive.
I’d note the upper bollinger at 4053.
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notable stock: BAC
A new cycle low. M/t bearish 16/15… which appears a threat as early as May.
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notable Dow component: JPM
We’ve two big downside gaps, that appear due within April/early May.
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notable energy: SLB
Not helped with WTIC $66s.
Red gap 37/35s appears a given… not least if I’m right about oil $50.
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notable stock: META
Mostly higher on hopes tiktok will be banned, and that is another reason I like VPNs. Barclays ‘overweight’, 260>270.