We do have factory orders data at 10am, so that will be something to focus on. Market is expecting a 0.1% increase, after a previous -0.6% fall. I can't fathom why if May was weak, June could be expected to be any better.
sp'60min
sp'daily5, 4mth
Summary
Its another rainy day in London city, and a very short market day is ahead. At least there is a little econ-data to motivate the algo-bots to change their bids a little. Yet, generally speaking 'turn ya screen off..come back Thursday' would probably be better for any normal person.
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For those of you still wondering, this remains the ultimate 'doomster outlook'.
sp, daily9c
Of course, the clock IS ticking, and if we're not in the low 1100s by mid/late August, this scenario will be thrown out. Simillarly, it also gets invalidated if we break new index highs 1422 at ANY time.
Any 'serious' bear would surely have good short-stops around 1390/1400 at the highest.
Good wishes for Tuesday!