Monday, 25 March 2019

10am update - opening swings

US equity indexes open a little weak, reverse upward, and then swing back lower. The s/t cyclical setup will favour the bulls. VIX opens a little higher, fractionally above last Friday lunchtime's high.




For those hoping for early sig' weakness... its still a rather disappointing open.
We're s/t cyclically low, and the setup will increasingly favour the bulls into the afternoon, perhaps all the way into early Tuesday.

notable stock: AAPL

Apple will no doubt receive a lot of mainstream attention this afternoon. Who would dare short this one?

notable weakness, MU

Micron continues to see some post earnings swings. I see the stock as problematic, as memory prices show ZERO sign of a floor.

notable weakness, TSLA

There are increasing stories about weak US/EU sales. The stock is m/t broken. Support psy'200/190s. Only negated if March settlement >300, which sure doesn't appear viable.

notable stock: ROKU, 15min

*yours truly bailed at the open. The opening candle is a hyper-reversal... but the gains are shaky.
In any case, the $55s are still technically on the menu, but for the moment.. the main market will be inclined to cyclically lean back upward into early Tuesday.

**normal service should resume at 11am