US equities are set for sig’ declines… an ugly downside reversal of 217pts. VIX 19>28s, if due to cool back toward the key 20 threshold.
sp’60min
VIX’60min
Summary
Whilst Thursdays do tend to lean to the bears, today’s reversal was a very powerful one, as reflected in the VIX.
The s/t cyclical setup favours the bulls.
Friday OPEX offers a bounce.
Best guess… a pin around 6650, decisively below multiple supports, which will give bearish clarity into year end.
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*yours truly isn’t short… but on the plus side, neither am I getting ground down via SLV CALLS. At least I had the sense to bail on those early Tuesday.
There is a viable H/S in the SPX. If we hold 6550s… then the more cautious bears (yours truly included) could try to short on a bounce from around the 50dma (6700s) next week.
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notable stock: NVDA
One thing is certain, its going to settle below the opening high.
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notable semicon: MU
S/t tech bulls getting washed out.
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notable fin: KKR
Psy’ $100 appears an eventuality.
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notable Dow component: DIS
New multi-month low.
Yellow gap to fully fill with SPX 6200s.
back at the close…