Wednesday, 18 April 2018

11am update - morning chop

US equity indexes are in minor chop mode. The s/t cyclical setup favours the equity bears, but the clock is ticking, and max' downside is less with each hour. VIX remains elevated, a sporadic jump to the 19/20s remains a s/t threat.




Price action is minor chop, and that is how it will likely be for much of today. The s/t cyclical setup does lean to the bears, but even the 2650s look a stretch by late Thursday.

notable ETF, SLV, daily

Note today's big jump above resistance of the 200/50dma. Options >11000 April'20th $16 calls. Those expire next week of course, but its just another sign that the big money are increasingly interested in the metals/miners.

notable weakness, TWTR, daily

Just a retrace of yesterday's powerful gain. Soft target are the 38/39s.

notable stock: MU, daily

The buyers have already appeared in the $50.50s

time for an early lunch...

yours... in the land of sunshine and 75f