Good morning. Futures are somewhat higher, sp +11pts, we're set to open @ 1584. Precious metals and Oil similarly look set for moderate gains. USD is a touch weaker. If the morning econ-data comes in at least 'reasonable' bulls look set to rally across the day.
We do have a lot of econ-data to get through between now and 10am, so the market could easily swing back negative..but I don't think so.
My best guess is that the market will rally for most of today, and possibly into early tomorrow.
The only issue is how high. There is the big 1620/25 gap area, but I just find that out of range now. I think bulls will be lucky just to get the 1595/1605 area.
*I am entirely on the sidelines, and seeking a full re-short of this market. I will be keeping a close eye on the hourly charts, and looking for the VIX to gap-fill the 17.25/16.75 area.
It is possible this bounce will continue into early Wednesday, so some patience may be required!
Good wishes for Tuesday!