Good morning. Equity futures are flat, we're set to start the week at sp'2091, a mere 7pts from key resistance. USD is +0.2% in the DXY 96.70s. Metals are a little higher, Gold +$2, whilst Oil remains weak, -0.2% in the low $42s.
Well, its opex week, and there is a high possibility we'll just churn around.
I realise many are seeking the sp'2110/20s.. but if we do break above resistance (>2098), then why would it stop there, rather than go to the 2150s.. or even higher?
As a collective, new highs in the main market look extremely unlikely.. and I'm rather dismissive of sustained strength >2100.
notable early mover: TSLA +4.5%... did they sell two cars this weekend? If so.. thats another $8000 loss.
Update from Oscar
Doomer chat, Hunter with Mannarino
I am no fan of the Mannarino, but there are some interesting points made in this.
Overnight China action: after some morning weakness, the Shanghai comp' battled higher into the afternoon, settling +0.7% @ 3993. Again, its clear there is resistance around the 4K threshold. Most agree, there will be heavy resistance in the 4000/4500 zone. I remain of the view that 3200/3000 looks a relatively easy target... given another major wave lower by early October.
Have a good Monday
8.31am .Empire state manufacturing: -14.9, vs. +4.75 expected.
.. the lowest level since April 2009 (according to Bloomberg). I'm not sure what to make of it, other than 'economic boom'... sure ain't the case.
sp -3pts... 2088.
8.33am... Market seems to be increasingly upset at the number.... sp -6pts.... 2085.
A break <2080 would be rather important for the bears... but especially so.. a daily close in the 2070s.
9.36am.. a break of 2080.... next stop 2070/65 zone.
VIX jumps 13% to 14.50.... marginally interesting.