US equities have seen early broad gains… if largely for ‘technical/cyclical reasons’. VIX is cooling back
sp’60min
VIX’60min
Summary
GDP Q4 (print’2): 0.7% vs 1.4% (print’1)
… lousy, if reflective of the jobs data.
The s/t cyclical setup favours the bulls.
SPX momo due to turn positive.
VIX momo due to turn negative.
Basic target is a tag of teal gap to 6740
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notable stock: ADBE
Earnings were fine…
EPS $6.06 vs 5.87est. Rev’ y/y +12.0% to $6.39bn vs 6.27est.
… but the market was annoyed on news the CEO is leaving.
The opening candle is a hollow red reversal.
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notable fin: AXP
I think this one is important to monitor, as a guide for the main market.
Right now, it leans net bullish into the Fed, with momo due to turn positive.
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notable oil ETF: USO, 60min
Prone to s/t cyclical cooling
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notable silver ETF: SLV, 5min
*I hold… might add a minor block