US equities are holding moderate gains, with the sp +14pts @ 2054. VIX is naturally in cooling mode, -4% in the mid 15s. With the USD +0.1% in the DXY 95.40s, the metals are under a touch of pressure, with Gold -$2.. and that is dragging down the related mining stocks.
sp'60min
VIX'60min
Summary
OPEX by definition tends to be increasingly choppy.
A daily close >2060 looks unlikely. Instead.. its merely a case of whether 2050/40s, or if the rats sell into the weekend.. with the 2030s.
Either way.. the bigger weekly equity/VIX charts are pretty clear.
--
notable weakness... miners, GDX, daily
Even a bigger retrace to the $19s will do little to negate what is a massive bullish breakout since the Jan' low of $12.40.
-
US equities open moderately higher, with the sp'500 +0.7% in the 2050s. A sustained rally >2060 looks extremely unlikely.. and instead... equity bears should manage to contain things, with renewed downside to 2000/1990s next week. The more bearish H/S scenario offers 1970/60s.
sp'60min
VIX'60min
Summary
*equity bears need a Friday close <2046.61, for a fourth consecutive (if fractional) net weekly decline. Despite the opening gains.. that remains viable.
--
So... we're back in the 2050s, which makes for a 29pt swing from yesterday's low of 2025.
Price action remains very choppy.. and indeed.. very similar to what we saw last Nov'/December.
Lest the bulls forget.. we've already broken the 2040/39 floor.. the current bounce sure doesn't negate that.
--
notable strength... AAPL, daily
There will be strong resistance in the 96/97s...a move >$100 looks out of range, unless main market >sp'2080.
--
Good morning. US equity indexes are moderately higher, sp +7pts , we're set to open at 2047. USD continues to claw upward, +0.1% in the DXY 95.30s. Metals are trying to bounce, Gold +$1, with Silver +0.4%. Oil is choppy, -0.2% in the $48s.
sp'60min
Summary
So.. overnight gains.. but nothing remotely significant.
Underlying price momentum is increasingly swinging in favour to the equity bears. A weekly close in the sp'2010s remains viable.
Pushing against that is the fact that its opex. and that generally favours the equity bulls... at least to briefly stall any downward trend.
So... the sp'2010s are more viable next week than today. In any case... it shouldn't much matter to those short with a stop >2080.
-
*as someone asked last evening about 'max pain'.... for the SPY it is 206.... aka' sp'2060. That won't be easy for the bull maniacs to achieve today... as there is declining resistance of 2043 by the close.
