Pre-Market Brief

Good morning. Equity futures are a little lower, sp -4pts, we're set to open at 2098. With the break above resistance, the bears face a major problem in holding the market under the sp'2100 threshold this morning. Renewed upside (if moderate) looks due for the rest of the week.


sp'60min

Summary

Hourly MACD (blue bar histogram) is offering a bearish cross this morning, with increasing downside across the day.

However, that was also the case yesterday morning... and we saw how that turned out.

Considering it is opex week, we'll probably hold rising support.. which at the close will be around 2097.

I won't be able to take anything seriously until we see a daily close in the sp'2070s.. with VIX 15s.

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notable early movers..

BABA -1.6%
FCX -1.4%

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Update from Mr C.


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Overnight China action: the Shanghai comp' opened fractionally higher at 4006, but then saw increasing weakness across the day, settling -6.1% @ 3748. Nothing has changed.. the broader outlook remains for another major wave lower.. to the 3200/3000 zone.

Have a good Tuesday