Good morning. Futures are flat, we're set to open at sp'2002. Equity bears look set to break the 2k threshold, with a viable hit of the 200dma (1972) before the weekend. Metals are on the slide, Gold -$14, with Silver -2.5%. Oil is bouncing a little, +0.5%.
So.. after yesterday afternoons unravelling, what about today? Certainly, hourly cycles are still offering a turn in the immediate time frame... but it'd be surprising if we don't continue lower.
The giant 2k threshold looks set to be lost this morning... which will open up a test of the 200dma in the low sp'1970s.
Notable weakness, QCOM, -7.5%, post earnings. I still favour the company though, one of the top 10 techs in my view.
Update from an overly loud Oscar
My MARCON indicator will turn to 6 if sp' loses 2000 today. A monthly close under sp'2k would be the first negative monthly close since Jan'2012 I believe. That would be significant. So... how we trade the rest of the week will be rather important
Have a good Thursday
9.04am Notable weakness, BABA -8% @ $90 on earnings... more on that one later...
9.43am.. Well, 2k is broken under... if briefly.
right now, the one hope for the bull maniacs is a good GDP number >3%. Anything in the 2s tomorrow would be pretty disappointing.
Metals looking stinky... Gold -$14, although still huge monthly gain to start the year ($85 or so)