US equities are choppy, as price action remains unstable. With price momentum set to turn positive, the s/t cyclical setup leans to the equity bulls into Wednesday. WTIC $123s. Gold $2045.
sp’60min
VIX’60min
Summary
Regardless of the exact close, its been another day where we’ve seen sellers appear on multiple bounces.
Frankly, I’d like to see equities bounce across much of Wed’…. to around 4300. By default, that’d also merit then going long Gold/silver, oil, and the related miners. I’m thinking about it, as I’d like to at least make one s/t trade this week. For now… lets just see how we close.
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notable tech: AMD
AMD should settle net higher. I’d note the 50dma… set to cross under the 200dma before end month. The bigger monthly chart offers 60/50 zone, which would arguably sync with spx in the 3200s or so.
Unlike much of the tech out there… at least AMD is profitable, but still… any main market downside will drag this one lower.
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notable weakness: CLF
Steel stocks are just s/t washing out. I like CLF and sister X for the m/t.
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notable oil ETF: USO, 60min
Oil remains strong, as the pressure (no pun intended) is only getting stronger. Talk of $200 isn’t that crazy.
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notable mining ETF: GDX, 60min
Just cooling back with gold/silver.
back at the close…