Equity price action remains distinctly unstable.
Today saw sig’ gains to 6724, a downward swing to 6612, if recovering to 6671.
Clearly, such swings are mostly trade-headline related.
re: SPX hourly chart…
There is a H/S structure.
Bears could argue today saw a head test… with a reversal.
However… I’ve seen a number of H/S recently, and they’ve simply not been playing out. On this structure… confidence is low.
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AMD settled +9.4% to $238.60, on higher vol of 107M, partly ‘inspired’ by Wedbush, outperform, 190>270.
I like the company and the products, but this is a clear case of unjustified AI-hysteria. Frankly, I’m beyond tired of it, but that doesn’t mean I’d short any of the semicons.
On a related note…
NuScale Power (SMR) broke a new hist’ high of $56.16 on record vol of 60M, as its part of the AI-hysteria, on the notion of data centers needing a great many onsite nuclear power plants.
This appeared on SMR’s YT channel this morning…
L/t bullish nuclear.
I just wish they were using Thorium, rather than Uranium.