Pre-Market Brief

Good morning. Futures are fractionally higher, sp +2pts, we're set to open around 1616. There is no significant QE today, so the market should (in theory) be slightly weaker. Bears should seek to at least keep <1626, and preferably a moderately red close.


sp'60min

sp'daily5

Summary

Well,  lets see how this nonsense trades today.

I remain concerned that with relatively low (holiday) volume, the algo-bots will simply manage to melt everything slowly higher, in which case the 1626 high will be in danger of being broken.

As noted yesterday, I want to at least see the weekly 10MA hold, and that is currently @ 1627. Any daily close over that, and the bears (including yours truly) should start waving the flag flag).
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I can only hope that by the end of this week, we're trading comfortably back <1600, but right now, that is indeed..a mere 'hope'.


8.59am.. USD +0.5%, Euro about to lose the 1.30 level.

Indexes lost all gains, now looking a touch weak.

A daily close <1600 looks difficult, but today would be the day, whilst no sig' QE.

*awaiting factory orders data @ 10am.