10am update - opening minor chop

US equity indexes open with very minor chop. Price momentum on the hourly cycle is naturally swinging back toward the bears, and there will be increasing downward pressure into this afternoon. However, even if sp'2050 is hit Fri/Monday, that will merely make for yet another higher low.


sp'60min

VIX'60min

Summary

So... a pretty subdued open, but there is a slight tendency for the market to cool.. especially late this afternoon.

*China GDP is due overnight.. hard to guess how the market might react to that... even if I knew the number in advance.

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notable weakness... STX, daily

An ugly open.. but then the profits warning was nasty. As noted earlier, perhaps the CEO of what is a superb tech company, should merely ramp up the share buy back? That will solve ALL the problems, yes?

In terms of price, if the Jan' low of $25s fail to hold (which seems probable).. next support is not until the $22/20 zone, which is a further 20% lower.

yours... running on STX drives.