US equities open moderately higher, with Tesla leading the way up. The gains are shaky though, with the Dow and Trans already turning red, the former skewed due to IBM, BA, HON. WTIC $71.42. Gold $2756, helped by lower bond yields and the weaker dollar.
sp’60min
VIX’60min
Summary
The opening SPX candle is black, with a mirror hollow red reversal in the VIX. The SPX is stalling from first resistance of the hourly 10MA.
Daily momentum is increasingly negative.
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notable stock: TSLA
Earnings were… fine.
Teal gap filled, tag of blue gap.
Yes, we’ve a new major downside gap… but it’d be a lousy short, as daily momentum is due to turn positive on Friday.
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notable weakness: BA
The Machinists rejected the revised pay offer. Susquehanna, 210>200, Baird, 240>200, Wolfe Res’, 200>195, Fubon, 200>176.
Wells Fargo, 109>86… which makes my $130s look positively bullish!
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notable trans: UPS
Earnings were fine.
EPS $1.76 vs 1.62est. Rev’ y/y +5.6% to $22.25bn vs 21.13est.
The opening candle is black, as the big money is selling into the jump.
Sister stock FedEx is naturally being pulled upward.
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notable miner: NEM
Earnings were good… if below estimates.
EPS 81cents adj’ vs 86est. Rev’ y/y +85.1% to $4.61bn vs 4.67est.
Momo due to turn negative late today or at the Friday open.
Those wanting to buy/add… will wait until next week.