US equities remain significantly lower, with a new intra low of sp'1904. It remains notable that the VIX remains relatively subdued, higher by just 7% in the 21s. It would seem the market is going to trade in this manner for a fair few weeks.. and likely convince the mainstream that sp'1812 is a key low.
*all things considered, the VIX sure isn't warning of any serious trouble.
I'm putting together a few new charts, not least to focus more on the weekly candles across the next few months.
Cyclically.. we're clearly on the low side.. hence I'm in no hurry to short (to me, 1970s would be acceptable). Market needs to burn off the oversold situation via at least 4-5 weeks of chop/churn.
A break and consistent hold above the weekly 10MA looks difficult.
notable weakness, TSLA, daily
Like F and RACE today, TSLA is a real mess, back to levels from spring 2015.
back at 2pm