US equities remain choppy, still leaning on the weaker side. The s/t cyclical setup still favours the bulls, although Friday OPEX will be inclined for considerable chop. VIX 27s are not particularly reflective of any mainstream concern.
sp’60min
VIX’60min
Summary
An opening low of 3440, and its a good example of bearish exhaustion… on a purely technical basis. Had the market started the day on the cyclically higher side, we’d probably currently be -75/100pts.
Further chop can be expected into the close… and probably… most of tomorrow.
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notable weakness, FB
Along with Twitter, Facebook is struggling on concerns section 230 might eventually be revoked.
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notable strength, BAC
Net gains… but the stock/sector remains m/t broken, not least with another failure at the 200dma.
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notable financial: WFC
A third day lower… for what is m/t horror… as momentum has only just turned negative.
back at the close…