US equities remain choppy, with the SPX fractionally breaking below yesterday’s low to 3433. VIX is churning the 29/28s, having briefly printed 30.55.
sp’60min
VIX’60min
Summary
Chop chop… as the market is increasingly desperate for some progress on stim’ bill 4. The setup for Thursday is ‘threatening’, as daily momentum is in the process of turning negative.
Clearly, if no progress on stimulus… the market is going to get whacked <3400.
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notable stock: WORK
Morgan Stanley downgrade Slack Tech’ on competition concerns.. if holding to p/t $27s.
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notable weakness: NFLX
The dip buyers are NOT getting involved. The bigger monthly candle chart is warning of a stock that is increasingly stuck.
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notable strength: TWTR
Twitter prints $50 for the first time since April 2015. Q2 earnings were lousy, but the market is hoping for better… due to SNAP.
Time to check on the cheerleaders