US equities are choppy, if set for a third consecutive net daily decline. VIX is not supportive of weak equities, and is actually a little lower in the 27s.
sp’60min
VIX’60min
Summary
A very messy s/t setup.
The s/t cyclical setup leans to the bulls.
Bears can deem structure as a bear flag.
A more natural floor would be from around 3700, before a 1-2 week bounce.
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notable stock: COST
Costco has earnings in AH. Low margin retail… no thanks.
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notable weakness: AMD
A really rough day for the semicons. M/t bearish psy’50/48 zone.
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notable health: PFE
We’ve a rather strong reversal from orange gap. S/t bullish. M/t bearish.
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notable stock: TSLA
Difficult day for Tesla, not helped by news of a 1.1M recall on a software problem. However, Elon notes… it will NOT be a physical recall. The stock is s/t prone to bouncing. M/t bearish psy’200/175.
back at the close…