Thursday, 9 August 2012

Pre-market Brief

Good morning. Futures are marginally lower, sp-2pts, we're set to open around the big 1400 level. Futures overnight were as high as sp+6pts. All minor moves though, it has to be said.

Weekly jobs data: 361k vs 367k consensus.




The broader daily  trend remains very clearly up..and is now supported by rising weekly and monthly cycles. The hourly is a clear wedge within a wedge...a break to the downside seems likely within the next day or so.

First target would be 1380 by next Monday.

As noted on the hourly chart though, bears have to see a break below the recent low of 1354 to put in a lower low - something we've not done since the June low of 1266.

Good wishes for Thursday.