Thursday 4 June 2015

Pre-Market Brief

Good morning. Futures are moderately lower, sp -9pts, we're set to open at 2107, the door is re-opening to a washout in the low 2080s. The USD continues to fall, -0.6% @ DXY 94.80s. Metals are a touch weak, Gold -$2... whilst Oil is broadly flat.


sp'60min


sp'daily5


Summary

It would seem yesterday's upside break above resistance was indeed a FAILED break.

So... original target of the low 2080s is back on... along with VIX 16s.

To be absolutely clear though, I do not believe a key mid-term top is yet in.

Best guess.... sp'2080s with VIX 16s... and then upside into the FOMC.... possibly early July... to sp'2160/80s.... and then a major rollover across the summer/early autumn.
--

Update from a typically loud Oscar


I find it interesting that Oscar seems a little concern about 'if market fails to make a new high'.
--

Keep in mind that tomorrow will be a more important day, with not only the monthly jobs data, but the bi-annual OPEC meeting... where Oil might see a major one day drop as supply will not likely be cut.

Further, unless Greece agree a deal before the market close, there will be a rather huge aspect of 'who wants to dare hold long across the weekend?'.

Enjoy your Thursday!
-


9.34am.. the sp'2099 double low.. set to be taken out... which will likely clarify that the low 2080s are due.

Eyes to the VIX... for a move into the 15s