US equities begin the short week on weak note, but it barely rates as moderate. The micro 5/15/60min cycles are all on the low side, with the market prone to an upside reversal. USD is +0.3% at 102.15. US 10yr 3.73%
sp’60min
VIX’60min
Summary
The cautious – yours truly included, will wait to see how the market reacts to Powell’s testimony… early Wed’. That would likely be enough to reset the smaller cycles from oversold.
VIX… opening black candle… prone to cooling into early Wed’.
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notable Dow component: INTC
Intel set to spend $32.8bn on a German plant… whilst receiving around $10.8bn in subsidies/incentives/bribes.
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notable weakness: DIS
Disney’s latest woke movie ‘Elemental’ was an outright box office failure.
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notable energy: SLB
Legacy red gap in July? Even I’m starting to think I should buy if it reaches there.
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notable miner: GOLD
Barrick lower with the sector, with Gold printing $1943, not helped by the stronger dollar.