US equities open with some minor chop, but are looking increasingly vulnerable across today, and likely.. into early next week. There remains significant probability of a full retrace to around sp'2080.. along with VIX 15s, before renewed upside into August.
*opening reversal candles starting to appear.. as buyers are simply absent at these levels.
Daily MACD (blue bar histogram) cycles for equity indexes and the VIX are both continuing to turn back toward the equity bears.
However, at the current rate, we won't see a more significant move for another 2-3 days, so the best case target of 2080 does not look viable until next Mon/Tuesday.
notable weakness: QCOM
Ugly daily chart across the past year. My broader downside target is 58/54
10.01am.. Leading indicators +0.6%.... broadly inline, and an 'okay' number.
Equities set to break new retrace lows.. <2110.