Good morning. Futures are rebounding, sp +15pts, we're set to open at 2044, just 3pts shy of the key 50dma. A daily close in the 2050s would be useful, and re-open the door to a weekly close in the 2070s. Metals are a little weak ahead of the FOMC, Gold -$4.
So, we're set to jump back into the 2040s... ahead of this afternoon's FOMC announcement at 2pm. That should go okay, and if so.. market has a fair chance of a daily close in the 2050s.
Lets be clear... despite yesterday's stronger than expected down wave... there remains the chance that we'll close in the sp'2070s.
Update from Mr C.
I will add, Gold certainly does look vulnerable (along with the miners) into the summer.
Notable early gains...
AAPL, +7.8% in the $117s... set to challenge the Nov' high of $119. The broad rising channel on the daily/monthly charts is offering the $125/27 zone by mid Feb.
Have a good Wednesday