3pm update – into the close

US equities remain in micro chop mode, if set for net daily gains of some degree. VIX 18s are reflective of a grossly complacent mainstream.

sp’60min

VIX’60min

Summary

Well, it remains pretty tedious, as most just quietly await the CPI. I’d place almost as much importance on Thursday’s PPI. The s/t cyclical setup favours the bears.
–

notable stock: AAPL

Momentum has turned negative, and should remain so for at least a few days.
–

notable weakness: MSFT

Momentum should turn sustainably negative tomorrow.
Soft target is orange gap. Secondary $270, where the 50dma is nearing.
–

notable stock: KMX

Earnings were mixed. Carmax is profitable… but the y/y drop in rev’ should be a major concern, as the consumer could be expected to increasingly struggle into the summer.
–

notable stock: DIS

Unable to break/hold above the 50 and 200dma.
This is the way… with Chapter’23 of The Mandalorian due this night.

back at the close…