Pre-Market Brief

Good morning. Market is a touch weaker, in early trading, futures are suggesting sp -4pts, we're set to open around 1462. $ is 0.1% higher, metals are mostly flat. No econ-data due today. Q4 earnings start at the Tuesday close with AA.


sp'60min

sp'daily5

sp'weekly

Summary

It could be a pretty quiet day in market land.

I see a lot of people out there suggesting a down move to sp'1445/25.

If you consider the underlying momentum on the daily and hourly charts, I don't think we'll see much of a drop today, if at all. In fact, a fractionally higher close seems probable.

I am considering a 1-2 day re-short from 1465/70, down to 1445/40. Not today though, maybe later on Tuesday.


Bigger cycles

With the weekly and monthly charts now VERY strongly bullish, the default trade is obviously long, yet the two day hyper-ramp is pretty extended, and a 50% retracement would be natural.

By early February, the monthly charts will easily allow sp'1510/20 to be hit, I'd guess VIX will be 12..or 11s by that time.

Good wishes for Monday