US equities begin February on a moderately negative note, with the sp -16pts @ 1924. VIX is naturally on the rise, +6% in the 21s. Broadly though, further upside to the 1970s looks due into next week. Energy prices are under particular pressure, Nat' gas -6.8%, with Oil -4.8%.
*I'll cover it some more later, but with a new month, the upper bollinger bands have dropped on the daily/weekly/monthly cycles.
For now, prime resistance is the monthly 10MA @ sp'2023. The gap zone - that many are well aware of at 2040, is OUT OF RANGE. At the March open.. prime resistance will be around 2K.
So.. we're somewhat lower, but really.. the declines are nothing to get esepecially excited about.
Equity bears should be mindful that Fed official Fischer is set to speak at 1pm.. and Mr Market will no doubt be listening. It'd be a valid excuse for a latter day recovery.
Perhaps.. somewhat appropriately...
Piggy opens the casino wheel this month.
February is likely to frustrate many, not least the bears. March will offer first real opportunity for the next big push lower.
stay tuned... we have a long month ahead.