US equities are set for broad net daily declines. The SPX is offering a bearish engulfing candle (from a new hist’ high), whilst the VIX is (appropriately) offering a bullish engulfing candle… both of which bode problematic for Thursday, which will inherently favour the equity bears.
sp’60min
VIX’60min
Summary
The daily candles are pretty important, and if we do settle under yesterday’s low of sp’3678, it will threaten further downside tomorrow, even if we open initially higher.
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notable stock: ADBE
Adobe has earnings in AH, and those should be very good, as these days many are making professionally edited videos. Cyclically, we have a rollover.
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notable stock: RH
Restoration Hardware, or rather RH (as its still wanting people to call it), has earnings in AH. Momentum is set to turn negative within 1-2 days, and this one looks very vulnerable in AH.
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notable stock: AMD
AMD dragged lower by the main market. Momentum set to turn negative on Thursday.
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notable Dow component: DIS
Even Disney is at risk of settling lower, pulled back by the main market. Momentum set to turn negative, and I’d note the 50dma at $134s. Momentum set to turn negative on Thursday.
back at the close…