Good morning, well here we go again. Another week at the rigged casino table, where the only real winners are the HFT algo-bots in the basement of GS. Futures are currently just a little lower, around -0.2/0.25% The main econ-data we have today is the Chicago PMI at 9.45am, consensus is looking for a lower figure of 60.8 (62.2 in March). I suppose a figure <60 would give the market an excuse to sell off.
The MACD cycle is clearly showing that underlying momentum continues to wane, but actual index prices of course have still been crawling inexorably higher. It looks like we'll go negative cycle no later than lunchtime, so there 'should' be some weakness this morning, but it'd seem highly unlikely it'll be anything more than -0.5% at the lowest point - before we start to cycle back upward.
Surely, another frustrating day for the bears to come, and perhaps one where the bulls can once again 'buy the dip'.. with a good stop of course!
I think the VIX will merit watching today, if it can jump 5/7% by the close, I might consider any minor index close lower a little more seriously.
*keep an eye on AAPL too, its broken back below $600 in pre-market.
Good wishes for what is..the last day of April!