Pre-Market Brief

Good morning, and welcome to a shortened trading week. Futures are rather significantly higher, sp +16pts, we're set to open @ 1665. This is above the first target of 1660/62, and next target is the 61.8% fib of 1667. It would seem we'll hit the latter. Oil is higher, but metals are weak.


sp'15min

sp'60min

Summary

Well, here we go again. Market will gap right over the Thursday high of sp'1655, and thus we're going to see a rather large opening jump.

No doubt many bears will be kicked at the open, and some bull chasers will appear.

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I am holding to the original plan, and will seek an index re-short later this morning. I will be looking for a rollover on the hourly MACD cycle.

Considering the size of the opening gap higher, we might not see a confirmed rollover until the late afternoon.

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*there is no significant POMO today, but there are very big ones both tomorrow and Friday.

updates across the day.

UPDATe 9.37am..I have to say, this is pretty crazy open. Its well above what I was expecting.

First key resistance , hourly upper bollinger...1675.