Good morning. Overnight futures minor chop has gently turned to moderate gains so far. SP'500 is currently set to rise 6pts to around 1322. There are two minor pieces of econ-data at 10am.
By the end of today, the upper channel line will be sp'1320. A close today over 1325 would likely confirm a new wave higher is indeed underway.
For the bulls, a second consecutive close over the hourly 10MA - currently 1305 will be important, and is something we've not seen since late April.
*Best buy numbers came in line, but same store sales kinda sucked. They are leaving guidance unchanged...I'm guessing they will have to change that later in the year once they concede the US is probably going to slip into a recession.
*FB is already lower by around a dollar, back to the low 33s. Fair Value remains $4, and that is arguably being overly generous. Mid-term primary price target is $12/10, within 9 months.
As ever....more across the day.