Good morning. Futures are suggesting market will open up around 0.25%. In the scheme of things, that's arguably noise. What will matter - just like yesterday, we have econ-data at 10am. Look for ISM manufacturing number to come in weak (market is looking for 53.0, vs previous 53.4). If ISM does disappoint, then bears have a chance for sp'1380s at some point today. Although 1380 still won't even begin to confirm a new down trend. We need a break of 1340 to confirm the bigger picture.
Sp'60min
From a cycle perspective we are due to go up for at least a few hours, so sp'1400 would indeed be a very likely pre-10am level to re-test.
So long as we don't hit 1406, bears shouldn't be getting kicked out of their current short-positions.
Good wishes for Tuesday trading.....and welcome to May !
