12pm update - chop in the gap

US equities are holding broad gains, with the sp'500 naturally seeing some distinct price chop in the gap zone of 2081/77. VIX is naturally under pressure, -5% in the 13s. Metals remain mixed, with Gold -$3, whilst Silver +0.6%. Oil is +2.2% in the $44s.


sp'60min

VIX'60min

Summary

For the moment... zero sign of a turn.

Cyclically.. we're clearly on the high side... with the VIX at bizarrely low levels.

Where is the catalyst for a turn this afternoon.. or even this week, going to come from?

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notable weakness.... TSLA, daily

Despite the main market.. TSLA continues to struggle.. with next soft support in the 200/195 zone. After that... its empty air to the 150/140s.

Mr Musk - who will clearly need a new capital injection to be able to ramp production, is going to struggle to raise new money from the equity market.
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time for tea