Good morning. Futures are marginally lower, sp -2pts, we're set to open at 2021. Metals are a touch higher, Gold +$2, which is helping the miners, GDX +1.5%. Oil is weak, -1.0%. Unless sp' can break >2024, market looks vulnerable to a near term retrace.
*jobs data is due, but really, the market these days doesn't really much care about the weekly data. The monthly data tomorrow will be far more important.
So... a little lower, and a viable double top on the sp'500.
Overall, bears have nothing to tout until we break back under sp'2000, and even then, a retrace will likely get stuck around the 50dma - around 1970, next week.
Early movers - post earnings
Update from Mr C.
Interesting to see that Oscar is also seeing a double top.. sort of.
Good wishes for Thursday trading
8.34am.. ECB chief... Draghi begins his press conf.
Indexes a bit twitchy... sp +1pt.. 2024.
8.54am.. Market breaking upward.. sp +8pts ... 2031.
Gold back to flat.... whilst Oil weakens.. -1.2%.
9.12am.. With the USD rising (Draghi is not helping the Euro).... Oil -1.8%.
Metals trying vainly to hold fractional gains..
sp +3pts.. so.. we're still set to break new highs at the open.
9.45am... Opening reversal.... mostly suggested by the VIX.. but hey.. with new historic highs in THREE indexes... bears are pathetically weak still.