Pre-Market Brief

Good morning, and welcome to the last trading month of the year. Futures are higher, with the sp +6pts, we're set to open around 1422. This clearly breaks the Thursday morning high of 1419, and so we are going to be testing the 50 day MA @ 1422/21 at the open. There is soft fib' resistance around 1424/26.


sp'60min

sp'daily5

Summary

As was always the case, it won't take much for the bull maniacs to short-stop another group of bears. The higher open is obviously disappointing, and I have to believe this is just one of those annoying things before the next wave lower truly begins.


Breaking the channel

Most of important today is this...to break below the rising channel, the bears merely need to close Monday <1415.

So, might we see a brief morning rally into the mid 1420s, only to reverse, and close 1412/10 ?


Dollar weakness..equties/commodities UP

Since the overnight trading began, we've seen weakness in the dollar, and that is clearly a primary reason why we're currently set to open somewhat higher.

**we have two pieces of econ-data at 10am, so Mr Market will probably be nudged one way or another at that time.

Good wishes for what will very likely be a rough week ahead.