Good morning. US equity futures are fractionally higher, sp +1pt, we're set to open at 2013. USD is +0.5% in the DXY 99.30s. Metals are continuing to bounce, Gold +$6. Oil remains broadly weak, -0.5% in the $36s.
Equity futures have seen some choppy overnight action... leaning on the weaker side.
It would seem VERY likely that the market will resume falling to sp'1950 this week, and that is a clear 60pts (3%) lower. The bigger weekly/monthly cycles offer the 1920/00 zone.
Perhaps the market will churn across today, but regardless, sp'1989 makes no sense as a key low.
Market chatter from Schiff
Overnight Asia action
Japan: choppy session, settling -0.4% @ 18374
China: The Shanghai comp' opened -100pts (3%) or so... but then the PBOC - and/or its agents, hit the BUY button sending the market moderately positive.
However, despite the meddling, the market still settled -0.3% @ 3287.
Have a good Tuesday
8.55am.. sp +4pts.. 2016.
Watching Cramer... seems the cheerleaders are deeply relieved at the market not imploding at the open for a second day.
Maybe they should go stare at a few of the bigger monthly world index charts. UK, Spain, China.... they all look deeply bearish into the spring.