sp'60min
Summary
Overnight price action sure wasn't so pretty.. with broad weakness to the low sp'2060s.
Price structure: You could call the ongoing decline from the Friday high some kind of deep retrace... with this morning, a viable C wave.
Equity bulls sure need to hold last weeks low of 2042. If that (for whatever reason) broke... it'd be a major problem.
As ever, what will really matter is the monthly close. The key threshold (at least to me) remains the 10MA... currently in the sp'2050s.
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notable early movers...
CHK -5%
FCX -3%
SDRL -9%
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Overnight Asia action
Japan: -1.0% in the 19400s
China: broad weakness, -1.9% @ 3470
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Have a good Tuesday