Pre-Market Brief

Good morning. futures are sp-5pts, we're set to open around 1393. This is clearly a little follow through from yesterday afternoon, and not entirely unexpected. A test of the 200 day MA @ 1383 is possible, although would be somewhat unlikely.


sp'60min

sp'daily5

Summary

If we do open lower, then the daily MACD cycle will likely start to show the initial sign of a rollover, yet I don't think the high is in for this cycle.

What will be important to see is how far they can ramp this market back on the next hourly up cycle.

I remain patiently waiting for a much more clearer turn, and besides, for the moment, we're still well within a near term up trend.
--

The precious metals are getting the hammer in early trading, gold is -$22. Oil is similarly lower, and the dollar.. not surprisingly is higher by 16bps to 80.56

So, lets see how Mr Market copes today.