Pre-Market Brief

Good morning. Futures are flat, sp' is set to open at 1640. The USD is a touch higher, and the precious metals are lower by around 1%. The smaller 15/60min index cycles are mixed. Early morning downside into the low 1630s seems likely, but then higher into Wednesday.


sp'15min

sp'60min

Summary

So, we're likely to open flat. 15min cycle would suggest we can go lower into late morning, whilst the hourly cycle is inexorably pushing higher.

I expect the 1650s to be challenged today or tomorrow, and I expect that resistance to be broken through.

Today is indeed a Tuesday, and its also a mid-sized QE of 3bn.
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*I am Long RIG - I might drop that at the open, and will look to re-long via RIG and an index later this morning.

Daily charts will likely show a turn/levelling phase by the close of today, so long as we don't make a new low... <1622.