12pm update - still moderately weak

The sp'500 has lost the 2100 psy' level, and now looks headed to the 2090/85 zone.. where the 50dma is lurking. VIX is on the rise, +9% in the low 14s. Precious metals are holding moderate gains, Gold +$6, with Silver +1.1%. Oil continues to battle upward, +3.3% in the $60s.


sp'daily5

VIX'daily3

Summary

*VIX is naturally stuck at the upper gap zone resistance.. it will be difficult to break/hold much above 15/16. The bigger weekly cycle is threatening a major problem in about 2-3 weeks.. but for now.. its still trapped within a narrow range.
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So... we're on the slide, but as ever.. the declines are not significant. It would seem the market wants to fall into the Friday jobs data.. and then climb after.
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notable weakness: BABA -2.6% in the $78s.. having lost critical support @ $80.00

airlines, DAL/UAL, both lower by around -2.5% as Oil prices rise.

strength: SDRL +11.9%.... as the energy chasers pile in.

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VIX update from Mr T.


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time to cook

11am update - morning weakness

Equities are seeing some moderate weakness, with the Monday baby bull flag having failed. Mr Market is offering the threat of continued downside to sp'2090/85 zone, where there are multiple aspects of support. Metals are holding gains, Gold +$8. WTIC Oil is holding the $60 threshold, +3.1%.


sp'60min

Summary

*as I will continue to note.. broader trend remains bullish... but hey... I realise some will be getting overly excited at this morning's weakness.
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So.. moderate declines, but really, its the same old nonsense. Companies will be buying their own stock this morning.. as they did yesterday.. and as they'll do tomorrow.

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Meanwhile.. BABA continues to unravel.. already breaking into the $77s.

BABA, daily

No doubt the mainstream will give BABA a lot of coverage this Thursday (for earnings)... but by then.. the stock could be as low as 70/68... right back to the IPO level.


11.23am.. sp'2098... so.. we're headed for 2090/85 it would seem.

Weakness into the jobs report.. and then ramp after.... probably.

notable weakness: FXI (long China).. -3.0%... looking ugly on the daily chart to SSEC 4K

10am update - BABA in big trouble

Whilst the broader market is seeing some minor weak chop, there is notable weakness in Alibaba (BABA), which has lost the critical $80 threshold. With earnings due early Thursday, from a pure chart perspective, outlook is now seriously bearish to 70/68.


BABA, 60min

BABA, daily

Summary

*I've no position in BABA, was considering it, but with the loss of $80, it is completely off the viable long-list.
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So.. main market is seeing some chop... and frankly, at least there is some interesting action in individual companies...

DIS, early gains to $114.77... but cooling... is Mr Market going to sell this one lower on good earnings, as it did AAPL?

DISCA, was +5% in pre-market... now a touch lower....
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Metals are holding moderate gains, Gold +$8... but look stuck

Oil is building very sig' gains of 2.9% in the $60s... headed for 67/75 this summer.
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Notable overnight upset... China, -4.1% overnight.... first stop is 4K.. which is another 5% lower.
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re; sp'500....  there is a minor gap in the 2090/85 zone (which would likely equate to VIX 15s)... I suppose we could slip to there... before the next push upward...but really... we're still only talking about minor down waves.
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stay tuned... on what is a pretty dynamic morning....


10.02am.. ISM/PMI service sector data both come in pretty okay... certainly nothing for the macro econ-bears to get excited about in terms of Q2 GDP.

BABA -2% in the $78s.... looking real ugly... empty air to the IPO price of $68. The main market sure isn't helping.
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10.07am.. Gap resistance on the VIX... 14.00/60...

VIX 15s.. briefly.. if 2090/85....