Good morning. Equity futures are moderately higher, sp +10pts, we're set to open at 1989.. just 2pts shy of yesterday's high. USD continues to cool, -0.1% in the DXY 95.30s, and that is helping commodities again.. Gold +$4, with Oil +1.4%
So, opening gains are due.. and considering the Tuesday weakness/price structure, I'm kinda surprised.
New cycle highs look due this morning... and clearly.. first target will be the big sp'2000 threshold... where the 50dma is lurking (although the Dow/Trans... already broke that yesterday).
I realise a few are looking for a cycle peak this Thurs/Friday... but that won't be enough time to hit the 2040/60 zone... which would be the more logical back test of old broken support from August.
Maybe this madness can level out by next Friday's opex. For now, I'm in no hurry to attempt another short... not least with the daily MACD cycles as they are... accelerating to the upside.
Overnight Asia action..
Japan, a lot of chop, settling +0.7% @ 18322.
China.. remains closed. I guess they open this night.
*eyes on Oil today. If the EIA oil report pleases the market... the $50 threshold will on the menu.... and that will help the broader market mood.
Have a good Wednesday.