Pre-Market Brief

Good morning. Futures are lower, sp -12pts, we're set to open at 1683, a mere 8pts above the recent key low. Precious metals are bouncing, with Gold +$10. Oil is similarly a little higher. Equity bulls have a real problem to start the day.


sp'60min

Summary

*ADP jobs data came in somewhat weak, 166k gains.
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So, all of yesterdays gains are going to be negated at the open. The only issue now is whether the recent low of sp'1674.99 is taken out.

I see a fair few out there touting the 1660s before the next up wave, but then, most of those are calling for massive declines this month.

For the bulls..this could be a long day. 
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9.45am.. market looks okay, should have a fair chance to hold the 50 day MA of 1679/80. If it can hold that today, thats a strong sign that the opening declines are to be dismissed.