Tuesday, 5 June 2012

Pre-Market Brief

Futures have swung from dow +50 to -50..and now we're back to -10, although the SP/Rus'2000 are still down 0.45%.

*ISM non-manufacturing data is due at 10am, with the service sector more likely to hold up better, if its a fairly steady number, then market could rally on it for a few hours.


SP'daily, bearish, count'2


We must be getting close to the end of this 5 week cycle lower. From a cycle perspective, we are most certainly due to see a few hours upside this morning.

Right now, it looks like the Bernanke will be key, and a very possible major turning point - concluding wave'1 lower. How far will wave'2 (blue count) go? I'd guess at least 1340, maybe a little higher, but certainly not over 1380.

More across the day!