US equities open on a weak note, although the Dow, R2K, and Trans have already turned positive. We should expect broad chop for what is a QUAD-OPEX. VIX is cooling… but looks prone to an important weekly settlement above the key 20 threshold. Gold $2636, with Silver $29.78… helped by the weaker dollar… -0.3% at 107.79.
sp’60min
VIX’60min
Summary
Regardless of how today settles, we’ve broken a lower low. A daily/weekly close <5840 would merit alarm bells, and offer as low as the 5400s.
–
notable stock: TSLA
Those chasing a few days ago… without a stop, are facing a tough decision, as to whether to capitulate, ahead of the weekend. Soft support around psy’$400, secondary … $360s. Momentum is due to turn neg’ at the Monday.
–
notable semicon: NVDA
A test of the 200dma appears due before Trump takes command.
Yesterday’s black candle played out.
—
notable Dow component: NKE
Earnings (Thurs’ AH) EPS 78cents vs 65est. Rev’ y/y -7.7% to $12.35bn vs 12.13est. The decline in annual sales isn’t a surprise, as the US/western consumer is BROKE.
Good luck to those buying… for what is m/t horror from the Nov’2021 $171s.
—
notable trans: FDX
Earnings (Thurs’ AH) EPS $4.05 vs 3.91est. Rev’ y/y -1.8% $22.0bn vs 22.1est. The decline in annual sales is worse relative to inflation. FedEx to split into two listed companies…. FedEx, and FedEx Freight