US equities open on a weak note, but price action/structure is very similar to Monday. Broadly… the market is still stair stepping upward toward the 3700s. VIX is reflective of a very comfortable mainstream.
sp’60min
VIX’60min
Summary
*we’ve already tagged the upper end of orange gap.
Whilst s/t momentum is set to turn negative, I’d not expect anything under the Monday low of 3594. Expect considerable chop today.
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notable stock: PFE
Pfizer is higher on mainstream attention, after the UK approved its vaccine.
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notable weakness: CRSR
Cowen issued a mixed downgrade, outperform>market-perform, but raise p/t 32>37. Momentum has turned negative.
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notable strength: AMD
AMD pushing hard for giant psy’100.
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notable mining ETF: GDX, 60min
Yesterday’s very subtle black candle has played out.
Early cooling, but a reversal is in progress.