Good morning. Futures are moderately higher, sp +6pts, we're set to open at 2108. USD is back on the rise, +0.3% in the DXY 97.40s. Metals remain very weak, Gold -$8, having hit 1072 in overnight futures trading, with Silver -1.2%. Oil is +0.2%, but remains under the key $50 threshold.
*seeking a green candle on the VIX 'rainbow' chart today.. or Monday. The 15s look probable... but anything >17 looks out of range in the current cycle.
So... we're set to open a little higher, but then.. that was the case yesterday morning, and that didn't work out so well for those looking to chase the market higher.
The daily MACD cycles continue to swing back toward the equity bears. More significant downside looks viable next Monday.. or certainly, by Tuesday.
Best guess.. sp'2080, which should equate to VIX briefly in the 15s. From there, renewed upside into August.
notable early movers
AMZN +19% @ $574... a hyper short squeeze.. as the company magically makes a micro profit of 19 cents for Q2.
GDX -1.8% @ $13.37... utterly dire situation for the mining stocks, as Gold is headed for the giant $1K level.
SBUX +4.5% post earnings caffeine high.
Update from Oscar
Overnight China action: China was around 1% higher for much of the day, having hit 4184, but saw some significant weakness into the close, settling -1.3% at 4070. The 4300/500 zone looks due.. before renewed severe downside.
Have a good Friday