10am update - weak open

The market opens briefly higher, but the indexes look weak, and moderate declines into late morning - perhaps the upper 1620s look possible. Metals are particularly weak, Gold -$13. VIX appears stuck in a bullish pennant, just under 17.


sp'60min

vix'60min

Summary

Chicago PMI: a non recessionary 53.
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Certainly, not a particularly exciting morning, and with the econ-data out of the way, any normal person should probably just turn off their screen for the long holiday weekend.

The only thing that is likely to motivate the market to break under the recent low of sp'1627 would be a news report/policy statement. Chances of that....'small'.

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A very fair question remains though...who wants to be long across the long weekend into early September?

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Keeping in mind the bigger picture...those seeking significant weakness this autumn should look for a bit of a rough week next week.

Target would be a hit of 1580/70 ..next week.

At least we look set to close with a red candle this week, the first since mid June, and that is why I remain broadly bearish in the immediate term.