Pre-Market Brief

Good morning. Futures are moderately higher, sp +7, we're set to open @ 1548.  The USD is a touch lower, which is probably going to help give the precious metals and Oil a kick higher into the weekend. Its opex today, so things could be a bit choppy, especially late afternoon.


sp'60min

sp'daily5

Summary

First, if you've not checked last nights post, have a look!

It does look like we have a very strong chance of closing today around sp'1550, making day'1 of 2 (or 3) of a sub wave'2 bounce.

Next major downside action likely begins in the latter part of next week, with a key target of sp'1480s.

Best guess for today remains a close of sp'1550, with AAPL $400. Never under estimate the power of the market makers in pinning a price to maximise their profits.

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Oil - I am particularly seeking a re-short of USO next week, in the 32s, downside target is 28/27 by mid May.

USO'60min

USO, daily2

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*I will sit on the sidelines until late Mon/Tuesday.


9.34am..Did you notice the weirdness just now?

The indexes see a micro-flash crash, yet the ETFs were opening fine.
We had SPY +3pts...yet market was -3pts.

Hourly charts remain VERY bullish into Mon/Tuesday