With the ECB out of the way, it remains a very busy time, with Yellen at 10am (will last 2-3hrs), OPEC are due to meet... with the last big data point before the FOMC - monthly jobs data (Friday). USD has snapped lower, -1.2% in the DXY 98.80s... and that is helping metals/oil.. and indeed.. US equities.
re: oil. An inside day? Probably.... with a viable snap above declining trend tomorrow.
Reminder on ECB changes...
Deposit rate: -10bps to -0.3%
monthly QE of €60bn extended from Sept'2016 to March 2017.
Clearly, currency changes are causing all manner of price moves this morning.
Regardless of the opening equity swings.... the broader upward trend should resume no later than 11am.
notable strength... energy stocks...
Price structure offers an extremely secure floor. First soft target is the 50dma @ $65.
I am long oil/energy via RIG... seeking a sig' Friday jump!
time for a little sun... back soon
10.30am.. sp -10pts... 2068... Hmm... that is a clear 1% swing from pre-market highs.
Broadly though... I'm still bullish. I ain't getting rattled with this.