US equities are struggling, with the Nasdaq comp’ turning red, and leading the way lower. The s/t cyclical setup favours the bears, especially from mid afternoon onward.
sp’60min
VIX’60min
Summary
The big bear flag is broadly holding, and things are starting to get ‘real interesting’. Again, its OPEX so expect some chop, but we do appear set for net daily declines… or a number of index black candles, which will bode bearish for Monday.
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notable stock: AAPL
Apple has already turned red, and bodes problematic for the main market into the afternoon.
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notable energy: SLB
Momentum is due to turn negative on Monday. Psy’ $30 doesn’t look difficult. If correct, it bodes bearish for the sector and to some degree… the main market. I hold a little… want to add.
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notable strength: NVDA
Nvidia announces 4 for 1 stock split… as of July 20th. So… $600s… soon around $150. Tier’1 quality tech-hardware. I own AMD… tempting to add NVDA post split, and more so… after a main market correction later this summer/autumn.
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notable miner: GOLD
Barrick Gold leaning lower with the sector. Gold itself pressured via a morning upward swing in the USD.
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If you can believe it…
Time for a much needed lunch