Good morning. Futures are on the rebound, sp +5pts, we're set to open at 2049. Metals remain weak, Gold -$2, whilst Oil -0.1%. King Dollar continues to soar... whilst the Euro slips to 1.05.
So... we're set to open a little higher, but the bulls will need a daily close >2065 to break the down trend... that won't be easy.
As ever... eyes on the VIX, it should remain firmly <17, and start melting lower... a close in the 15s would be useful to those looking for renewed equity upside.
We're set to get a bullish MACD cross on the hourly cycle... late today or at the Thursday open. That should offer the sp'2070/80s by the Friday close.
Update from Oscar
I don't think the ES will hit the 2020s in the near term... we've likely already floored.
Have a good Wednesday
9.40am. R2K, Nasdaq turn red... but so is the VIX.
Overall.. lacklustre open for the bulls... but at the current rate, bulls still set to get a bullish hourly MACD turn BEFORE the end of today.