Good morning. Equity futures are a touch higher, sp +1pt, we're set to open at 2015. USD is fractionally lower, -0.1% in the DXY 94.70s. Metals continue to battle higher, Gold +$10. Oil is making another play for a daily close above the $50 threshold, +0.6%.
... a semi-holiday in the US today.. so it will be somewhat quiet.... and that would normally favour the equity bulls.
Broadly, market looks on track for the 2040/60 zone. All that matters now is whether we see a monthly close above old broken support.
Frankly, it is not looking good for the equity bears.... not least with China getting very close to a key breakout.
The one valid excuse for a wave lower will come next week.. with yet another FOMC. Will the market sell lower on no rate rise again, or actually rise into end month >2060?
Doomer chat, Hunter with Williams
Williams remains on the 'inflation is coming train'... and in that respect.. he remains... wrong. As ever, make of that... what you will.
Overnight Asia action...
China: +3.3% @ 3287. Any sustained action >3400 would be suggestive that the decline from June is complete.
Have a good Monday