US equities are set for very significant net daily, and net weekly declines. The weekly candles are bearish engulfing, and it bodes for further downside next week, before a better chance at bouncing. VIX 28s are reflective of an increasingly concerned mainstream. The USD is +0.5% at 101.16, which isn’t helping commodity land.
sp’60min
VIX’60min
Summary
Well, regardless of the exact close, its one ugly end to the week. Yes, equities are s/t very oversold, with an overbought VIX, but the daily/weekly candles offer ZERO sign of a floor, and are in fact suggestive of lower levels.
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notable Dow component: MSFT
Earnings are due next week. Any price action <270 will merit alarm bells, and offer psy’ $200.
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notable stock: CLF
Great earnings, but knocked back lower by the main market. Bearish engulfing daily candle, with next support of the $26s.
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notable fin: PYPL
A new multi-year low… with next support of the $75s.
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notable stock: CFVI
DWAC… aka… Truth Social, is now being hosted via the Rumble.com servers. I guess its going to help pay for some of the rumble.com costs. Truth Social itself appears dead on arrival, not least if Elon can takeover TWTR.
back at the close…