Equities remain broadly weak, with significant declines across all the main indexes. The sp'500 is set for a net weekly decline of at least 1%. VIX is confirming some moderate market concern about the China market.. and a possible GREXIT in May, +17% in the 14.80s.
The daily candle is a pretty fiercely bearish one, but still... we've seen many such significant down days this year.. and yet the market is STILL breaking new historic highs.
Seasonally, the bears don't have much chance of sustained multi-week down cycle until at least early May.
Well, its the closing hour of a week, and regardless of the exact close.. it will have been one for the bears.
notable strength: NFLX +0.7%.. which is pretty incredible, considering the monstrously huge Thursday gains, and with the main market as weak as it is, but hey... at a PE in the 250/275 range... whats not to like?
3.22pm.. minor up cycle.. but there is hourly resistance at the 10 MA of sp'2088.. which looks out of range into the close.
NFLX rebuilding gains.. +1.7%...
3.32pm.. short-stop cascade underway.. .sp'2080...