Pre-Market Brief

Good morning. Futures are a touch higher, sp +2pts, we're set to open at 1990. Commodities are weak, Gold -$5, whilst Oil/Gas are both lower by around -0.3%. Equity bulls should be desperate to hold the sp'1970s across the remainder of this week.


sp'daily5

Summary

So... with the break of sp'1990, the bearish chatter has soared. I'm seeing a fair bit of chatter about a full retrace to the August low of 1904. That of course would have huge implications for Oct/Nov.

As things are, price action remains much the same, and I just can't see a break <1970.

It will be VERY important for the market to put in a spike-floor at the 50 day MA of 1971.. otherwise this could indeed fully unravel.

Best guess... we hold the 50 dma, and rally to new highs.

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Update from an overly loud Oscar



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Have a good Wednesday