Good morning. US equity futures are a little lower, sp -5pts, we're set to open at 1943. USD is +0.2% in the DXY 98.30. Metals are moderately higher, Gold +$7, with Silver +0.5%. Oil is +0.2% in the $32s.
*awaiting Chicago PMI data. Market is expecting 52.
Last month saw a bizarre spike reading of 55.6, which made absolutely ZERO sense at all. Equity bears should be seeking anything under the recessionary threshold of 50.
Well, its leap year day.... the end of the month. Indeed, the monthly closes will be important.
I will have eyes on the opening MAs tomorrow morning, and expect the monthly 10MA to drop to around sp'2K. I could tolerate a brief foray to the sp'2020/40 zone in mid March.. but equity bears MUST see a close below it.
As for today.. I'd expect another daily close above the 50dma... with the market headed to the 2K threshold.
Doomer chat - Hunter with Weir
As ever, make of that, what you will. I sure don't agree with some of it.
Japan: broad weakness, -1.0% @ 16026
China: -2.9% @ 2687... remaining broadly ugly
Germany: currently -0.8% @ 9432
Good wishes for the week ahead