US equities remain broadly weak, with the SPX net lower for the week by around -1.7%. VIX is churning around the key 20 threshold… but its arguably a tease to the equity bears, with the SPX hourly RSI 25s, on any basis… equities are s/t very oversold.
sp’60min
VIX’60min
Summary
We have to expect some pretty active/twitchy price action into the weekend, on very heavy quad-opex volume. On balance, the setup leans to the upside. Whilst many will be rattled by the ongoing weakness, did most forget about Tuesday’s historic high? I guess… they did.
Minor news…
https://www.zerohedge.com/technology/thermal-shutdown-heat-wave-knocks-beta-starlink-users-offline
That would be one damn annoying issue! Yours truly remains amazed at the stability and speed of a 4g/5g wireless service. I had considered Starlink (its recently available in London), but there are outages if there isn’t a Satellite available. The fact the dish/receiver appears to overheat… not great, but I’ll guess they’ll improve the design.
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notable stock: TSLA
It is the case that the hysteria is pretty low in Tesla. The stock is holding up well to this week’s market. Note the 50dma in the $646s. If that can be cleared – as seems probable next week, then we should see some bullish chasers appear, with next resistance of psy’ $700.
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notable weakness: MU
The only news I see… Cleveland Research buy>neutral.
I hold. Earnings June 30th AH.
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notable strength: AMD
A challenge of the 89s appears due next week. I hold.
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notable miner: NEM
Newmont battling with the sector to find/build a floor from just above the 200dma. Cyclically extremely low. I hold.
back at the close…