sp'60min
VIX'60min
Summary
*price structure on the hourly equity chart is a clear bear flag, but I don't much like it.. not least as we're still effectively in holiday trading mode.
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Little to add, on what will be a subdued day of moderate chop... with underlying price action still leaning to the upside.
A new cycle high >2056 looks very difficult, as increasingly, many are looking to sell within the sp'2040/55 zone.
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notable weakness, CHK, daily
Not surprisingly, with just a touch of main market weakness, the junk stocks are already significantly lower. I guess you could argue CHK is sporting a large bull flag, but fundamentally, the company looks set to disappear.
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stay awake.. if you can.