3pm update - price action remains weak

US equities are still struggling, with the sp'500 unable to claw back above the hourly 10MA - around 2057/59. It is highly notable that despite the ongoing weakness, the VIX remains broadly flat. With the USD holding strong gains of 1.4%, metals and oil remain significantly lower.


sp'60min

Summary

So.. to be clear....

There remains threat the Tuesday opening gap of 2025/21 zone will be briefly hit.. before the equity bulls can resume higher.

What should be absolutely clear... sustained price action under the Monday low of 1993 looks extremely unlikely. Instead.. we still look set for the 2100s.

The only real issue is whether we break new historic highs before year end. With just 9 full trading days left of the year... its getting a little difficult.
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notable weakness...

TWTR, daily

TWTR sure is the ugliest momo stock out there. Hell, maybe it doesn't even merit being deemed a momo stock any more. The IPO was at $26, and we're consistently trading under that... next level is the Aug' historic low of $21.01.