Whilst US equity indexes are moderately higher, sp +11pts @ 2095, there is a touch more strength in Intel (INTC), +0.8% in the $31.60s. Further upside into the $32s looks viable tomorrow... before weakness resumes. Broader price structure remains very bearish with probable downside to the low $29s.
*for this hour.. a brief look at INTC, which I think is a valid proxy/indirect signal of the broader market.
To be clear, I like INTC across the longer term... but if the main market is going to see a sig' correction this summer.. INTC will be dragged lower. The fact INTC price structure is a giant H/S formation in my view only adds to a rather interesting setup.
As things are, I'm looking to short it... but not today.. nor at this price level.
Perhaps an FOMC spike high in the 32.25/50 zone tomorrow afternoon? If so.. I will be tempted to pick up some option puts.. and try to trade it down to the $29 threshold.
back at 3pm