US equities are moderately lower. S/t momentum is on the low side, as the setup favours the bulls, if only for part of Thursday. The bigger daily cycles are in the process of turning. VIX is offering little right now… but still comfortably holding above the key 20 threshold.
sp’60min
VIX’60min
Summary
Net declines appear probable, but clearly, its just a minor retrace of recent gains. Things only turn interesting back under 4400.
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notable stock: KBH
KB Home has earnings in AH. Any report on higher lumber, and other costs, would be interesting to see.
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notable stock: TSLA
Printing $1040… but the sellers have appeared! Cyclically very high.
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notable strength: CLF
Steel, and most other commodity stocks holding up very well. Cyclically high.
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notable retail: TGT
S/t double top… similar to HD, as upper tier retail is struggling.
back at the close…