US equities remain in micro chop mode, if set for net daily gains of some degree. VIX 18s are reflective of a grossly complacent mainstream.
sp’60min
VIX’60min
Summary
Well, it remains pretty tedious, as most just quietly await the CPI. I’d place almost as much importance on Thursday’s PPI. The s/t cyclical setup favours the bears.
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notable stock: AAPL
Momentum has turned negative, and should remain so for at least a few days.
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notable weakness: MSFT
Momentum should turn sustainably negative tomorrow.
Soft target is orange gap. Secondary $270, where the 50dma is nearing.
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notable stock: KMX
Earnings were mixed. Carmax is profitable… but the y/y drop in rev’ should be a major concern, as the consumer could be expected to increasingly struggle into the summer.
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notable stock: DIS
Unable to break/hold above the 50 and 200dma.
This is the way… with Chapter’23 of The Mandalorian due this night.
back at the close…