US equities open on a positive note, as daily momentum (at least for the SPX) has turned positive. We’re remarkably not far from breaking a new hist’ high.
sp’60min
VIX’60min
Summary
Price action can be expected to be increasingly subdued, which should see the VIX ground lower into the close.
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notable stock: MU
Micron powering toward new hist’ highs, as psy’ $100 is long overdue.
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notable energy: OXY
Momentum has turned positive. Soft target are the $31s, which seem due next week. Grander target remain the $46s, as seem realistic by April/May.
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notable strength: WYNN
Wynn powering upward on reduced Omicron concerns. Reflective of the casino/resort stocks, such as LVS, MGM
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notable miner: FCX
I’d like a close >psy’ $40, with next resistance of the mid $41s, where I’d be inclined to lighten up.