US equities are bearishly subdued, with the sp' failing to hold the 2100 threshold, along with the 50dma at 2098. A daily close under 2090 - along with VIX in the mid 14s will offer clarity for the rest of the week. USD has turned fractionally negative, but the metals and oil remain weak.
So.. who wants to buy the Dow? The bigger weekly cycle remains ugly... with 17k as first target. Certainly, 17k looks tough to hit this week... but from a pure cyclical perspective... the trend is in favour of the bears.
For now... I'm very content to sit back for a few days... and just be patient on the short side.
notable weakness: coal miners, CNX -3.5%... as King O' set to announce measures this afternoon.
strength: Airlines, UAL +3.8%
AAPL continues to look vulnerable...
A break into the $118s would be powerfully bearish for the broader market.