US equities are choppy, still leaning on the weaker side. Prime target of sp’3100 remains on the menu, but appears out of range until next week. VIX remains somewhat elevated, churning the 29/30s. The weekly cycle offers upside to 35/36s in the near term.
sp’60min
VIX’60min
Summary
Chop chop… and bounces ARE still being sold into, as many appear resigned to the SPX and Nas’ testing their respective 200dma.
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notable bond ETF: TLT
Higher bonds… with weaker yields. Broadly though… its all chop.
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notable financial: JPM
Legacy red gap appears just about within range.
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notable mining ETF: GDX, 60min
An opening reversal with the main market. However, there is ZERO reason to not expect the $33s to be hit. Clearly, that is out of range until at least next week.
time for lunch…