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.
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.
Update from an overly loud Oscar
Have a good Wednesday