sp'daily5
Summary
*Durable goods orders, -1.3%, much weaker than expected.
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So.. we're set for the 1970s this morning, a daily close in the 70s would do real damage to the notion of another major wave lower next month.
Watching Liesman on clown finance TV right now, it is pretty incredible to see how confident the cheerleaders now are of QE4. The recent equity down wave of almost 10% is still rattling them, even though we have almost fully recovered the declines. Truly bizarre.
A fair few out there are seeking the 1975/85 zone before a reversal, but really, that will turn the monthly cycles back to bullish. Equity bears must see a monthly close in the 1950s... or lower.
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Notable early weakness, TWTR, -13.5% in the $42s.. next support is around $40.
Strength: BABA +1.6% in the $99s. A break into the $100s would be pretty significant today. Many are seeking $120 within 6-9 months.