US equities open a touch higher, with the sp'500 testing the Thursday high of 2092. The daily MACD cycle is continuing to swing back in favour to the bears. USD is cooling, -0.4% in the DXY 96.80s. Metals are weakening already.. Gold -$3. Oil is back to flat.
*Chicago PMI: 56.2.. a real bullish surprise.. and well above the recessionary 50 threshold.
Clearly, equity bears need to take out yesterday's low of 2082 to offer a provisional indication we have a short term top.
As things are... other than slight natural cyclical bias to the downside.. there is little to expect from today.. other than tedious micro chop.
re: daily MACD (blue bar histogram) cycle. At the current rate, we'll see a bearish cross next Wednesday.
Regardless of the exact close today, the net monthly gains have been extreme... and 'white flag' waving time was arguably a good 100/150pts lower down.
time to shop.. back soon