Good morning. Futures are a touch higher, sp+3pts, we're set to open around 1672. Precious metals are showing significant gains, with Gold +$16, Silver +40 cents. Oil is fractionally lower, ahead of the EIA report. The Bernanke will be getting blanket TV coverage from 10am.
First support for the bulls is the obvious lower channel area of 1655/50. I can't see that being broken today, very unlikely.
Yet..today is Bernanke day. At 10am, the chairman talks to US congress for the morning, about the state of the US economy.
If there is one person who can get a down cycle going whilst talking to politicians, it is the Bernanke. It feels likes years since we've last seen the market unravel 1% in the space of an hour - as Benny talks, but..you never know.
The daily cycles are clearly 'tired', and the VIX daily cycle is ticking upward...so lets see how this morning goes!
*I am reluctant to meddle in indexes, not least on the short side. I will remain mildly interested in taking a new Oil or SLV long later today..or more likely early Thursday.
Video bonus from Ron Walker, thanks to poster 'callgary' for noticing!
..waiting for Benny