Good morning. Futures are moderately higher, sp +6pts, we're set to open at 2114. Metals are a little higher, Gold +$3, with Silver +1.0%. With the USD continuing a minor retrace/bounce, +0.2%, Oil is fractionally higher by 0.1%.
*awaiting Factory orders data (10am).
So... the week is set to begin with some gains... as the broader trend remains bullish (if weakening on the monthly MACD cycle).
Equity bulls should be looking for a daily close >sp'2115 today or tomorrow... that will be enough to clarify new highs are due.
On no basis does a break under the 200dma look viable... and the recent low of 2072 should hold... even if the market unravels later this week.
notable early strength: TWTR +1.4%, but still only in the $38s... and vulnerable to testing the Dec' low of $34s. I sure won't be getting involved in that momo nonsense for some weeks to come.
weakness: MGM -2.9%... related to the post Maypac defeat?
Update from a typically loud Oscar
I certainly agree with Oscar on the precious metals. Overall price structure remains a very bearish H/S formation, and if Gold loses the Nov' low of $1130, there is open air down to the $1000 threshold this summer.
Good wishes for the week ahead!