sp'daily3 - fib retrace
vix'daily3
Summary
*awaiting PPI and consumer sentiment data
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Equity futures have been pretty weak overnight, although certainly nothing too dramatic.. yet.
As has often been the case this year, the market tends to put in a cycle low a week ahead of opex.. on Thurs/Friday. Riley (Mr Topstep) has been a leader in highlighting this.
It is certainly possible we could hit sp'2000 today. A washout... with VIX somewhere in the 22/25 zone... before broader equity strength resumes.
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Notable early strength: airlines, UAL +1.8%... as Oil continues to slip, -0.8%.
Weakness, Alcoa (AA,) -0.8%, set to lose the 15s... 200dma in the 14.90s is due to be tested.
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Good wishes for Friday... its almost the weekend :)
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8.34am Equity futures continue to slip, sp-16pts, 2019. VIX set to open in the 22s
Oil -1.2%..in the $58s
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9.21am... Set to open -14pts around 2021. Oil continues to slip, -1.6%
9.33am... Notably.. VIX only opens +2%.... hmmmm Thats not good for those in bear land.. need 10% at least.
9.35am... ... and the VIX turns red.
Still... sp'2000 remains the 'natural target'....