Despite a notable rally from the earlier low of sp'2054, US equities are still set to close broadly lower, with most indexes set to negate most/all of yesterday's nonsense. VIX is still lacking any sustained upside power. Near term target remains sp'2040 with VIX 18s.
So... yesterday.. the setup was leaning bearish.
Today.. - from the 5/15/60min cyclical perspective.. its less bearish.. although the daily/weekly cycles are more bearish.
.. if that makes sense?
What does seem clear... until we take out the two soft lows of 2039/33... with a daily close in the sp'2020s... equity bears can't yet get any initial confidence that 2111 is a key mid term high.
I'm guessing 2111 is a key high, but I sure as hell ain't remotely confident yet... and the current price action remains frequently annoying.
notable strength: AAPL, daily
yes.. AAPL is net higher... but then it has been due a bounce.. if only for a day or two. AAPL will have serious problems if the sp' loses the 2030s later this week.