US equities are choppy… as Mr Market is trying to find a floor ahead of Powell-Wednesday. USD is +0.4% in the 102s, which isn’t helping commodities.
sp’60min
VIX’60min
Summary
On any basis, the s/t cyclical setup favours the bulls.
Powell will be the excuse for a bounce. Whether it takes out last Wednesday’s high… difficult to say.
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notable stock: NVDA
The AI hysteria buyers are still out there.
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notable weakness: INTC
That is one ugly bearish engulfing candle.
To be clear, I don’t see news of the German plant as a negative. I just wish they’d build it within the USA instead… but I guess the German regime offered more bribes than the Biden one.
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notable strength: RIVN
News that Rivian will issue an adapter so that its fleet can use the Tesla network.
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notable health: MRNA
Moderna struggling.
Where is the good news (as in… a new virus) going to come from?