US equities open very significantly lower, as daily equity momentum is increasingly negative, with VIX weekly momentum having turned fractionally positive. WTIC $37/36s and lower yields aren’t helping.
sp’60min
VIX’60min
Summary
Last Friday’s low has been broken, as s/t momentum remains on the low side. Another swing upward can be expected… if not today, then Wednesday.
The key issue is whether 3588 is a pre-election high. I’d like to see another bounce to around 3500, and then rollover to the 50dma in the low 3300s… if not later this week, then just ahead of Sept’18 OPEX.
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notable stock: NKLA
The partnership with GM (taking an 11% stake) is a very positive one, and it almost makes me wonder why Tesla didn’t link up with Ford.
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notable weakness: TSLA
The s/t speculative lunatics are getting washed out again, this time on the lack of an SPX inclusion.
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notable Dow component: MSFT
Lets just see whether this can recover to settle back above the 50dma
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notable mining ETF: GDX
Miners lower with gold/silver, the main market isn’t helping. I would keep in mind the computer’s PF target of the $33s… where the 200dma is nearing.