Pre-Market Brief

Good morning. Futures are moderately lower, sp -7pts, we're set to open at the recent low of 1691. Precious metals are significantly higher, with Gold +$18. Equity bulls face the real threat of seeing the market break a new cycle low right at the open, which will open up the 1680/75 zone.


sp'60min

Summary

So, we're set to open right at the recent low, and if that's taken out, we'll certainly drop another 0.75% or so to the low sp'1680s.

It is a very borderline situation, so baring a reversal to the upside..right at the open, 1691 does not look likely to hold.
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*Despite the opening weakness, it is probably important to keep in mind that today is a heavy QE-pomo day of around $5bn.
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Notable early mover - NKE (now a Dow stock), almost 7% higher, after good earnings.


9.37am.. well, there goes 1691 support..and now the next level is 1680/75...another fib retrace level (50%), along with another gap.