Pre-Market Brief

Good morning. Futures are moderately lower, sp -6pts, we're set to open at 2059. Metals are a little higher, Gold +$3. Oil remains broadly weak, -1.7%, having fallen into the $45s. Equities look set to resume higher later in the day.


sp'60min

Summary

So... a touch of weakness to start the day, but I would strongly believe the market will be able to turn around by late morning, and rally into the weekly close.

Price structure is very bullish, and it makes little sense for a new cycle low to occur.. at least before a move into the 2075/85 zone.

The two usual concerns remain... stronger dollar... and weaker Oil. Indeed, as I highlighted in the previous post... Oil could lose the $43 low... and that would be a real problem to energy stocks and the broader market.
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Notable early weakness: SDRL -3.0% @ $9.39... no doubt oil prices are causing the problems.
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Update from Oscar



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Have a good Friday


8.31am. PPI -0.5%.... hmm... mr deflation perhaps?

Metals weaken... gold back to flat.


9.07am Pretty subdued pre-market.. sp -4pts... 2061....     Metals, Gold +$4... but set for another negative week.