US equities are set for very significant net daily gains, but it makes for just a retrace/bounce of last week's rather severe net weekly declines.
sp'60min
VIX'60min
Summary
S/t price structure is a baby bull flag, offering further upside on Wed'.
I'd note VIX orange gap has fully filled, and that just leaves red gap... which would arguably sync with SPX green gap.
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notable Dow component: AAPL
Even teal gap looks a stretch. 125/120 zone looks pretty easy.
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notable stock: AMZN
Nothing has changed. An eventual loss of psy' $100 will offer capitulation 85/80.
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notable weakness: META
... all this... without the market's realisation that the Metaverse will likely amount to nothing.
Much like yours truly.
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notable steel: CLF
Absolutely lousy relative to the main market. Monthly offers support 12/11.
back at the close...
