US equities open with some mixed chop, as the market clearly wants to rally, but is facing underlying price momentum that is swinging back to the equity bears. Metals are broadly weak, Gold -$8, with Silver -0.8%. Oil is +2.4% , ahead of the EIA report.
*it is notable that the VIX has already hit a new cycle high of 15.98. The 18s still look due... but not until tomorrow.. or more viable... Friday.
So.. opening chop.. and it'd seem we'll see more of this.
Yes, I'm aware of the threat of a retrace back to the 2055/65 zone.. not least as there is a micro gap there.
Broadly though.. the 2020/15 zone still looks on track.
yours... patient. (overly?)
Collapsing after a profits warning. Price structure has been a bear flag since early March... now confirmed.
10.31am... EIA report... net weekly decline of -4.9 million barrels. Hmmmm
The over-supply issue is of course... NOT remotely resolved.