10am update - opening chop

US equities open with some mixed chop. The mainstream remain outright bullish, and are clearly still seeking renewed upside in the immediate term, not least as earnings continue to come in superb (esp' in the tech sector). VIX remains broadly subdued in the 13s.


sp'60min

VIX'60min

Summary

*micro gap in the VIX around 13.40 set to be filled.
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Well.. the hourly equity/VIX cycles do favour the equity bulls for a few hours.

However, we did see a key break yesterday, and that will only be negated if we trade >sp'2111.

Best guess... a few hours of chop... but leaning weak into the weekend.

Equity bears should be striving for a weekly close <2080... which would make for a net weekly decline, along with VIX in the 14s.

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notable strength... DIS, daily

Indeed, those equity bears seeking renewed broader downside should keep an eye on DIS. Any price action above the 200dma in the $104s would be a sign we'll see sp >2111.
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time to shop...