sp'60min
VIX'60min
Summary
The market had formed an essentially perfect bear flag across the past 3 days, and that has been absolutely confirmed today.. with a very decisive break lower.
.. and that is why I try to focus on style of price action, but even more so.. price structure.
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The sp'2020s remain a valid target for early next week. Sustained action <2K looks out of range... as the broader trends are back to bullish.
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notable weakness...
FCX -3%
CHK -1%
TSLA -1.7% in the $215s... nothing good there
Price action is pretty wild so far today... big % swings... but broadly weak.
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Busy day ahead.... not least with the EIA oil report (11am)... and further Fed officials babbling about interest rates.
stay tuned!