US equities are seeing some moderate chop as the market is battling to hold the 200dma of sp'2073. A break <2070 would be a major bearish signal, and suggest further downside to the July 8th low of 2044. Broadly though, the weekly/monthly cycles are already crystal clear of where we are headed.
... long day ahead....
The cheerleaders on clown finance TV are going to be real upset later today if we're sustainably trading <2070... with the Dow lower for the 7th day
I see little reason why the market won't break lower today. After all, the bull maniacs have seen THREE failed rallies this week... with key breaks in a great many stocks.. not least AAPL and DIS.
Eyes on bonds....
A weekly close in the 123s. or even 124s would continue a climb that will likely last into late Sept/early Oct... and that has bearish implications for equities.
10.18am.. Price structure on the VIX hourly remains a clear bull flag.. bodes for sig' equity downside today... with a break <2070.
10.26am.... market unravelling... close to a key break.
As noted... eyes on the VIX.... price structure is highly suggestive the equity bears will take full control from here.