US equities open very subdued, and are already settling into micro chop mode. Underlying price pressure remains leaning to the upside, with the sp'2070/80 zone seemingly probable before next opportunity of a key rollover. Metals are weak, Gold -$8. Oil is battling to build gains, +0.8% in the $41s.
*it is notable that the upper weekly bollinger is now starting to contract by around 10pts a week.
There is not much to add, on what is likely to be a pretty subdued day.
R2K: we have a new cycle high of 1103, and the 200dma in the 1140s looks probable.. .which would equate to sp'2070/80.
notable strength, TSLA, daily
Last Friday's close was pretty definitive, and we're now seemingly headed for $245/50 zone in the near term. For the equity bears out there, TSLA should be a pretty scary chart.
Despite the VIX being a little higher, TVIX continues to melt...
For the moment.. still seems zero reason to get involved. If Oil $44/45, equities will grind up.. the VIX will remain subdued, and TVIX will be in the $4s. Six weeks ago.. the $7s seemed a bold call.
back at 12pm