US equities are continuing to see choppy cooling… from new historic highs. VIX has resumed ‘normal service’ after a bizarre price spike.
sp’60min
VIX’60min
Summary
S/t momentum prone to turning negative before the close.
I’m open to the notion of a back test of the old hist’ high – 7620, but its arguably a very risky trade. The default remains… long.
–
notable stock: AMD
The s/t cyclical setup favours the bulls.
I’d look for a hollow red reversal candle.
–
notable semicon: NVDA
Higher for a fifth day
—
notable strength: MU
… as the H/S is clearly not going to play out.
Daily momentum is due to turn positive.
—
notable commodity: silver
Powerfully higher.
My only concern is the main market within mid Sept’-early Nov’.
The cautious will NOT be chasing at this time/price.