10am update - opening chop

US equities start the month with some chop.. leaning on the weaker side. Equity bears just need to see some sustained action under sp'2090 to offer clarity of where this week is headed. VIX is back on the rise, in the 13s... the daily/weekly cycle are both offering the 17s this Thurs/Friday.


sp'daily5

VIX'daily3

Summary

A new month.. and there is an awful lot to cover,, not least with the giant monthly cycles adjusting.

With the VIX having cooled from 16.27 last week... we now have a divergence on the MACD cycle.. which is set to turn positive tomorrow.. or at the latest... Wednesday. The 17s look a valid target... not least if we get a daily close <2090.

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notable weakness: copper miners, FCX -3.8%... set to break into the $10s.

GDX -1.7%, with Gold -$3 and Silver -0.3%.

strength: DIS +1.1% in the $121s.. ahead of Tuesday earnings.