US equities are seeing a little weakness, as the hourly equity MACD cycle finally sees a bearish cross. Regardless of the exact close, all indexes are set for net weekly gains, and most indexes (Trans being the exception) are set for net monthly gains.
Well, its been a pretty dynamic month. Unquestionably, a week.. and month for the equity bulls.
Despite the gains, underlying momentum..and price structure on most of the US indexes continues to swing toward the bears.
I would prefer to see the MACD cycle turn back to positive by the close. Its not absolutely essential to my broader bearish outlook for Sept/Oct, but it'd be useful to see.
3.30pm.. the rats are getting a little twitchy into the monthly close...
A close <sp'2100 would be a bonus.. and is now within range... with VIX 12.60s.
3.42pm.. A rough day for the energy sector. 3x bearish.. ERY +6.5%
CHK -2.8%.. .as Nat' gas -2.2%...
Look at those rats jump.. they are wanting to close out for the weekend. I can't blame them..having seen another dumb bounce from 2063 to 2114.