11am update - watch the swings

US equities have swung from an opening low of sp'2039 to 2054. Clearly, there are still many out there who are holding to the view that the market is set for a major bullish breakout. Even more amusing though is the upward swing in mainstream chatter that rates can be hiked at the next FOMC of June 15th.


sp'60min

VIX'60min

Summary

*opening reversal candle for equities, with an opening black-fail for the VIX.
--

No doubt a morning bounce has spooked some of the bears.. and given renewed confidence to the bulls that 'everything is just fine'.

Yet.. any look at the bigger daily/weekly cycles makes it crystal clear... we're firmly stuck... with price momentum swinging back to the bears.

A break lower remains due.
--

Meanwhile, on clown finance TV, head cheerleader Sara Eisen...

It is utterly bizarre how the clowns are now touting a viable rate hike in June. When the market swings a mere 2-4% lower in the near term.. these same maniacs will be talking about how a rate hike is now 'off the table'.

Now that IS data dependency.

--
time for an early lunch