Good morning. Futures are a touch lighter, sp -3pts, we're set to open at 1706. Precious metals and Oil are both moderately lower, with Gold -$2, and Oil -0.8%. Market looks set to consolidate for a little, before another lurch higher on Tuesday.
Well, this was always a key target week for a cyclical turn. Now, it may only be the start of a small multi-week down wave of 6-9%, but still, that would be something for the bears to get involved with.
As for today, I'm certainly not expecting any significant declines today. We might even close a little higher again.
What does matter though, Tuesday sees a a major QE of $5bn.
I will be waiting for that to be done before I'll considering shorting the indexes.
Eyes on AAPL, it will be testing the 200 day MA this week, and a failure would sync up well with the main indexes similarly maxing out.
As ever..more across the day!