12pm update - fractionally mixed

US equity indexes are fractionally mixed, with a short term double top in the sp'500 of 2555.23/24. VIX is still reflective of a market that won't even sustainably see moderate weakness. WTIC is -0.9% in the $50s, after a net inventory draw of -2.7 million barrels, a stark contrast to yesterday's API.

sp'60min

VIX'60min

Summary

Suffice to add... micro price chop, as the market is able to just churn, rather than any sustained moderate weakness. The break in rising trend remains key.
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notable weaknes, C, daily

Earnings were unquestionably fine, and bode well for the mid term. S/t though, we have a bearish engulfing candle, and it bodes very bearish into next week. First soft support, the 50dma, soon around the $70 threshold.
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notable weakness, INTC, daily

S/t weak, but Intel's recent breakout into the $37s was massively important, and gives grander clarity that $50 is a valid target for the latter half of 2018. Due a bearish MACD cross tomorrow.

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strength, X, daily

US Steel continues to swing around, currently sig' higher, but if the main market does eventually break sig' lower, then X will be dragged lower to the $23s.
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time to check on the cheerleaders....

11am update - fractional weakness

US equities remain on the weaker side, but clearly, the equity bears look set to be unable to manage anything significant until early next week. VIX is reflective of a capital market with near zero concerns, not least about North Korea or a fracturing Spain. WTIC is -1.8% ahead of the EIA report.

sp'60min

VIX'60min

Summary

Price action is pretty subdued, but so long as no new historic highs (>2555), this morning's break of rising trend from 2488 is important. Another wave lower to 2540/37 zone is possible before end of today, but even though wouldn't rate as anything significant.

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notable weakness, APA, daily

Apache continues to struggle, not least after the Barclay's downgrade to $26, which is a very long way down. Unlike most energy stocks, APA is holding the m/t bearish trend from late 2016.


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weakness, JD, daily

Broadly choppy, and still on track to tag the 200dma. Unlike BABA, JD is yet to prove itself with any sig' profits. They look set to do well in the m/t. M/t >50.. and the hyper bullish will be seeking double that. The cautious will lean to BABA.

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time for an early lunch

10am update - opening weakness

US equities open moderately weak, as short term rising trend from the sp'2488 low has been broken. First soft target is the 2540/37 micro gap. VIX is moderately higher, but still only in the low 10s. WTIC -1.8% in the $50s, ahead of the EIA report.

sp'60min

VIX'60min

Summary

*keep in mind, we've the EIA Pet' report at 11am. That will likely show a net build. If WTIC loses the $50 threshold, that'd certainly help drag energy stocks lower, and to some extent... the main market.
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The lower hourly bollinger - sp'2545/44, will offer support this morning, with secondary of the micro gap of 2540/37. Any price action <2537 looks very difficult. VIX hourly chart is offering a sharper move from 11am onward.

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notable stock, MU, daily

Micron' has increased the share offering by another $200million to $1.2bn. The board are clearly VERY confident, and their actions are from a position of strength. There is an earnings gap of 36/34, there is risk that would be at least partly filled if sp'2475/61. Regardless, mid term outlook is hyper bullish, soft target 45/50, and then $100.. which is absolutely viable in 2018. I'd suggest anyone look at NVDA from early 2016 onward, not that I'm calling MU the next NVDA.

Cramer highlighting Micron's F' PE is only in the 5s.

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weakness, DIS, daily

Disney continues to struggle. The recent low of $96.20 looks extremely vulnerable, and once broken, will offer lower trend target of the 94/93s. Downgraded by Guggenheim to $105. Note today has seen a bearish MACD cross.
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Meanwhile.. s/t bullish hysteria in SNAP

Bullish follow through after yesterday's Credit Suisse target of $20. Big resistance 16.50/17.00.The bolder bears will be shorting, with a stop around the IPO threshold. Cyclically on the high side.