US equities remain a little choppy, if leaning upward. The VIX has been ground into the 12s. Pretty astounding to see.
sp’60min
VIX’60min
Summary
Whilst equities remain a little choppy, the VIX remains the tell. Little reason to expect anything else for the rest of the week. The s/t equity setup favours the bulls, with momentum due to turn positive.
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notable stock: AMD
Red gap almost filled. Most of the technicals are oversold.
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notable banking ETF: KRE
The 8th day lower of 10. Gap support $39.39… but broadly the sector looks doomed to be cut in half again… unless the US Treasury/Fed announce they will guarantee ALL deposits.
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notable strength: AMZN
It does appear likely that Amazon will buy Ocado of the UK. Ironically, it wasn’t until spring 2020, that online grocery retailing really took off.
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notable stock: TSLA
Yesterday’s bearish engulfing candle did play out, but with a strong upside reversal. I can understand those seeking psy’ $300… whether July or August.
back at the close…