US equities open positive, but we’ve a long week ahead. Last week’s weekly candles are highly suggestive of lower lows. VIX has been knocked lower, back to around the key 20 threshold.
sp’60min
VIX’60min
Summary
So much for any ‘weekend drama’. Instead, the bulls are catching a bounce, with some degree of short covering.
Equity bears should be looking to the VIX, as much as equities themselves. A daily close >20 would be… useful.
*Yours truly holds short, and yes… its a very difficult open.
I aim to hold into late Tuesday.
As ever… first opp’ for a turn will be around 11.30am.
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notable stock: JPM
Last week’s loss of the 200dma can’t be over-emphasised.
Basic target is first gap of the 129s.
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notable Dow component: MCD
Earnings… EPS $3.19 vs $2.99est. Rev’ $6.69bn vs $6.55bn
Broadly fine, as the US/global populace need their burgers, fries, and soda.
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notable stock: AAPL
I see ‘Apple Event’ trending. Earnings due Thurs’ AH
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notable stock: CAT
Another Dow component that lost its 200dma last week.
Natural target is red, which does appear due this week.
Earnings early Tuesday.