US equities are leaning increasingly weak, as s/t momentum has turned negative. VIX 23s is offering nothing to the equity bears ahead of the weekend.
sp’60min
VIX’60min
Summary
To be clear… I don’t expect anything <3900 this side of the Fed. Indeed, we could easily spike into the mid 4000s…. before the low 3800s.
–
notable Dow component: AXP
Earnings were good… but the gains are fading, not helped by the main market. I have to see the outlook as suspect, with consumer debt defaults to spiral into 2023… starting from within Europe.
–
notable semicon: AMD
The 200dma looks realistic if sp’4200/300s.
—
notable weakness: META
Hit hard… not helped by SNAP or TWTR.
—
notable miner: FCX
Tired… with the main market. A proper tag… if not full fill of orange gap appears an eventuality.
Time to check on the cheerleaders…