US equities open in minor chop mode, and other than s/t cyclical factors, there is no reason to expect anything from today’s half session.
sp’60min
VIX’60min
Summary
The s/t cyclical setup leans to the bears. VIX momentum is trying to turn positive.
Daily equity momentum might turn negative next Wednesday.
For now… I can understand that most are asleep in bed.
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notable Dow component: AAPL
Further concerns about Foxconn in China, as there remains considerable unrest about C19 restrictions.
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notable weakness: AMD
A key stock that the bears need to stay red.
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notable energy: SLB
Pre-market gains sure didn’t last.
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notable miner: LAC
The Lithium miners are all struggling (for no apparent reason). The problem will be the main market into/across (at least first half) of 2023.
I’d venture outside, but I’ve a text message telling me my battery pack is going to be delivered.