sp'60min
VIX'60min
Summary
*notable opening black-fail candle on the VIX, although I recognise that didn't work out yesterday... but they usually do!
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Despite what some were recently proclaiming, earnings are coming in at least 'reasonable'.
Price action remains broadly strong, and new historic highs look due for the sp/Dow in the near term.
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notable strength: oil/gas drillers, RIG/SDRL, both higher by around 3.5%
weakness: TSLA -1.2%
10.06am... moderate weakness... sp'2084.... next support... 50dma @ 2081. A daily close under there would be a problem...
Overall price action though is pretty subdued... a latter day recovery looks probable.
10.25am... looks like we have a morning floor of sp'2083.... just 2pts above the 50dma.
A daily close in the 2100s is just about viable.
In any case... price action does not support the equity bears.