US equities remain a little choppy, if still leaning on the weaker side. VIX remains rather bizarrely subdued in the 18/17s, with soft mini-spike target of the 19/20s. USD +0.3% at 103.40. US 10yr 3.74%.
sp’60min
VIX’60min
Summary
Bears could argue s/t structure is building a baby bear flag, with a mirror bull flag in the VIX. Daily equity momentum is offering a subtle rollover, and might turn negative on Thursday.
–
notable Dow component: AAPL
Bears could argue a m/t double top of the $175s.
Soft downside target is red gap… where the 50dma is nearing
–
notable bond yield proxy: TNX
Few seem to care, but bond yields are still battling upward.
I’d accept its all ‘broad chop’ until >4.10%.
—
notable semicon: AMD
Net higher for May by around 22%.
I consider it better than NVDA, as it makes CPUs in addition to GPUs.
—
notable stock: PTON
A new re-brand… as the company isn’t going down without a fight. I don’t see a l/t future in its current form. At best.. maybe someone will buy it for the brand name, which does have some value.