Monday, 9 November 2015

Pre-Market Brief

Good morning. US equity futures are moderately lower, sp -5pts, we're set to open at 2094. USD is cooling, -0.2% in the DXY 98.90s. Gold +$6. Oil +0.4% in the $44s.



Unless we break above sp'2116, a retrace is still viably already underway.

Equity bears should be seeking a daily close under the 10MA (2092 or so).

Daily MACD (blue bar histogram) is set to turn negative late today/early tomorrow.

Min' downside target is the 200dma in the 2060s, but almost equally likely is the 50dma, which by Nov' opex will be in the 2020s.

On no realistic outlook does sustained price action under the sp'2K threshold look possible in the remainder of the year.

Overnight Asia action

Japan: +2.0% @ 19642... the big 20K threshold is within range
China: +1.6% @ 3646.. cruising upward.

Indeed, Asia and European markets are broadly battling upward, and look set to re-take old support of the 10MA.. whether by end Nov... or end year.

Have a good Monday.