US equities are clawing upward, with the SPX due the 4400s. USD is -0.6% at 101.92, which is esp’ helping commodities, Gold $1972. US 10yr 3.71%
sp’60min
VIX’60min
Summary
A new multi-month high… making it a net bullish day.
Its 11am, and we’re due a little cooling, with hourly momentum still negative.
Some perspective… daily’1
We’ve intersecting upper trend resistance around 4450.
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notable bond yield proxy: TNX
Yields are very significantly lower, for no particularly good reason. I’d accept the ECB rate hike is a negative, but still… the Fed should follow July 26th.
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notable weakness: AMD
No news… just cooling back. Momentum has turned negative.
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notable fin: COIN
Bitcoin in the $24000s isn’t helping.
The ultimate problem… the Fed and the US-Treasury, which clearly won’t allow competition to their coming CBDC.
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notable energy: SLB
Reflective of the sector. Still stuck from around the 200dma.
Legacy red gap, with an (eventual) main market correction.