US equities remain choppy, leaning on the weaker side. S/t momentum will be prone to turning negative this afternoon, as key price threshold of the sp’3415s looks vulnerable ahead of the weekend. VIX is prime for a spike >30.
sp’60min
VIX’60min
Summary
The setup most definitely favours the bears this afternoon. If there is an adverse stimulus headline… this market is going to spiral.
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notable stock: INTC
The dip buyers are not getting involved. Typically, after such a drop, it will take a stock some weeks to stabilise, and that assumes the main market is flat, if not leaning upward.
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notable weakness: TSLA
Its now a case of whether Tesla settles the week above or below the 50dma. Right now… its looking like below.
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notable stock: F
Ford is stalling at legacy gap resistance. Vulnerable with the main market.
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notable hysteria: SNAP
Yes, recent earnings were far better than expected, but we’re talking about a company that posted ONE cent of earnings, and that was ‘adjusted’, so you could argue that is just accounting tricks. I still don’t like it, and see it as mere ‘sideshow entertainment’. Far superior FB and TWTR.
time to check on the cheerleaders….