US equities open with some minor chop, with the sp' hitting 2097...and VIX in the low 13s. There are multiple aspects of resistance around the sp'2100 threshold, and considering the hourly equity/VIX cycles, the market looks set for some weakness in the late afternoon.
*a second blue candle in the VIX, I want to see it turn green by the close... will need at least the 14s.
Well, in many ways... its a case of 'come back in 4 hours time'. Until the FOMC announcement is out of the way... there really isn't much to add.
That will give opportunity to highlight some other things though...
notable weakness... TWTR
Ugly break lower... first target is the psy' level of $30, but the IPO price of $26 is an equally valid target, given another 2-3 months.
10.03am.. Pending home sales m/m -1.8%... another lousy number from June. There remain a sig' number of data points that don't bode well for Q2 GDP.
Market is expecting 2.9% growth, but to me.. that seems overly optimistic. I'd not be surprised to see 1.5% or lower. Oh well, we'll find out tomorrow at 8.30am.