With a set of lousy econ-data, the market is under increasing pressure. The hourly equity cycle is offering downside into the monthly close, lower trend is offering 2090/88.. today, along with VIX 16s. USD remains fractionally lower in the DXY 96.90s.
It is turning into a rather interesting day.
*anyone notice how Q1 GDP was actually trending on Twitter? Mainstream is getting a little rattled at what are multiple recessionary data points.
Hourly MACD equity cycle is in the process of turning negative, and should remain so into next Monday.
notable weakness: Alcoa (AA) -1.7% @ $12.46... on its way to 10/9 by the late summer.
Bigger picture... Transports... its getting serious.. net monthly decline -3.7%...
A hit of the low monthly bol.. around 7K this summer.. or autumn (makes little difference) would open the door to ultimate bearish outlook.
Oil is holding sig' gains of around 2%.. and that is helping the market.. with most energy stocks higher.
Eyes to the USD... if Euro sees some weakness later today.. higher USD.. with commodities to be pressured lower.
11.21am.. a little chop around sp'2109...
USD has turned positive, +0.1%... that is starting to pressure the precious metals a little.
The anomoly... Oil, +2.6%... and climbing