US equities open a little higher, but the gains are clearly a little shaky, with some indexes already fractionally red. However, the equity bears can't overly excited about any pre-Yellen downside. The hourly cycle is still highly suggestive of the market holding together into late Tuesday morning.
*price structure on the hourly equity chart is a clear bear flag, but I don't much like it.. not least as we're still effectively in holiday trading mode.
Little to add, on what will be a subdued day of moderate chop... with underlying price action still leaning to the upside.
A new cycle high >2056 looks very difficult, as increasingly, many are looking to sell within the sp'2040/55 zone.
notable weakness, CHK, daily
Not surprisingly, with just a touch of main market weakness, the junk stocks are already significantly lower. I guess you could argue CHK is sporting a large bull flag, but fundamentally, the company looks set to disappear.
stay awake.. if you can.