The US equity market opens a little higher, but the gains look unsustainable. First soft target is the daily 10MA (2088)... which will open up the 200dma (2062) as early as tomorrow. Oil is lower for a second day, -0.6%.
So.. we're a little higher, but we sure ain't likely going >2116 today. Indeed, a close in the 2090/85 zone looks probable.. along with VIX 16/17s.
I am aware some of you out there are seeking new historic highs >2135 before a sig' retrace ahead of the Dec' FOMC.
That is a valid scenario... but considering the weakness in Oil... and the daily equity MACD cycles (set to turn negative tomorrow/Monday) ... I'm guessing NO.
First retrace target is the 200dma in the low sp'2060s. Any action in the 2050s would bode for at least a 38% fib retrace to around 2020... before Nov' opex.
Amongst a great many notable movers...
Earnings were actually okay (despite what some say)... but having formed a micro double top.. at old broken support.. the stock has seen a fierce break lower. Next support is the Sept' low of $52.17.
*notable weakness... miners, GDX -2.1%... as Gold turns fractionally negative (day'7 down).
Interesting day ahead.... stay tuned.