Thursday, 13 July 2017

10am update - opening minor chop

US equities open in minor chop mode, still leaning to the upside. WTIC is currently moderately higher, but yesterday's black-fail candle bodes for renewed weakness as the day proceeds. The precious metals are already on the slide, Gold -$1, with Silver -0.5%.




A new cycle high of sp'2447.. a mere 6pts shy of a new historic high. Cyclically, short term price momentum is still slowly swinging back toward the bears. Some cooling to at least 2435 remains due later today.

Yellen is underway... lets see if the senators ask her any questions that annoy her. 

notable strength, NVDA, daily

Nvidia opens sig' higher, but there will be strong resistance at the June 9th historic high of $168.50. High threat of a double top. If the momo chasers can break and hold >$170, it'd bode for broader market strength into the sp'2450s.

notable opening reversal, TSLA, daily

Tesla opened higher, but is one of the first stocks to see a downside reversal. Price structure is a viable bear flag. If things turn ugly.. first soft target is the psy' level of $300.