Good morning. US equity futures are moderately lower, sp -11pts, we're set to open at 2052 - back to last Friday's low. USD is +0.1% in the DXY 93.00s. Metals are cooling, Gold -$7, with Silver -1.0%. Oil is +0.7% in the $43s, ahead of the latest EIA report.
So, overnight we've taken out the Friday low... which is useful. Next stop should be the 50dma around sp'2040/38... with VIX 18s.
Things only get interesting on a break of the two soft lows of 2039/33.. with a daily close in the 2020s. Until then, I can't have any initial confidence that 2111 is a key mid term high.
Best case for the bears in the current cycle is a 38% fib retrace (of the 1810-2111 wave) giving the sp'1990s. Any subsequent bounce would be at least 3%.
Update from Mr C.
Gold/Market chatter - Hunter with Pento
I sure don't agree with Pento's dollar doom outlook, but there are some other interesting comments worth consideration.
China: -0.1% @ 2991
Germany: currently -0.7% @ 9853
Have a good Wednesday
8.16am.. ADP jobs: 156k, way below consensus... a major fail for the econ-bulls