Equities open with some rather confusing minor opening chop. VIX is holding just under the Tuesday high.. and remains vulnerable to briefly breaking into the 15s.
...busy morning here....bear with me.
Hourly MACD (blue bar histogram) cycle on the indexes is still ticking higher... price momentum is SLOWLY swinging back to the bulls.
What is clear, anyone on the short side, should at the very least have a tight stop this morning.
First upside target remains the hourly 10MA, but by the end of today, that will be around 1982/80... so, even a moderately higher close will start to turn things around.
Notable weakness, oil/gas drillers, RIG & SDRL both lower by a rather significant -1.7%.
10.15am.. market testing the recent low... but VIX still failing to break 15s.
This is a bit of a mess right now.
Even the metals are starting to slide again, Gold -$3