US equities open on a weak note, but its far above the overnight lows. The SPX and Nasdaq have already turned positive. VIX has cooled from the pre-market 57s to the 49s. USD is -0.8% at 101.87.
sp’60min
VIX’60min
Summary
Overnight downside of -150pts, but we’ve opened only moderately lower.
For the bulls… its a pretty good sign that we ARE in a floor building phase.
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notable stock: TSLA
Tesla was one of the first stocks to turn positive in pre-market.
The bolder buyers are getting involved.
Natural target remains psy’ $300
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notable weakness: OXY
… with WTIC printing the $55s… the lowest since early 2021.
RSI 17s… is extremely oversold
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notable health: PFE
Breaking the March 2020 low of $20.99, having collapsed from the Dec’2021 $53s.
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notable fin: JPM
Yesterday’s black candle played out.
Lower with the main market/sector.
Earnings due early Friday should be fine.