US equities open moderately higher, back over the sp'1900 threshold. Regardless of today's close, January is set to close net lower by around -6%. Metals are broadly flat, whilst Oil is battling to hold gains of around 1.0% in the $34s.
*Chicago PMI: 55.6 .. a bizarrely high number. It makes little sense, I'd have to assume we'll see a number back under the 50 threshold in February.
So.. we're set to end the month on a somewhat positive note, but for those with eyes on the bigger picture... January merely confirms what December was provisionally suggesting.
Note the upper bollinger on the daily equity cycle.... 2020s... Next week, that should be around 2K... and will make for another aspect of resistance across February.
Seen on the bigger monthly cycle, we have one of the biggest net monthly declines. Underlying MACD (blue bar histogram) is rolling over. Assuming a down cycle into the spring, first target is the $400 threshold.... which is some 30% lower than current levels.
back at 11am