US equities open moderately higher, and look set to build gains into the afternoon. A daily close in the sp'1970s would keep the door open to a test of the 50dma in the 2030s later this week. VIX is naturally cooling, -3% in the 21s. Another loss of the 20 threshold looks due.
*I've redrawn the hourly chart slightly. So long as we don't break the Friday low, I think its important to keep in mind we could merely have put in yet another higher low.
All things considered, those holding long across the weekend must be letting a huge sigh of relief at this mornings open.
I remain on the sidelines... am trying to be patient (to build short positions), as I do think there is a serious threat of 2030/50 zone.. before a decisive break lower.
The fact that China looks like it'll push upward to the 3300/400s would certainly help give the US/EU markets upward pressure into Wed/Thursday.
notable weakness, GDX -2.0%... as Gold -$6.... very weak relative to Oil/broader market.