Wednesday, 25 March 2015

Pre-Market Brief

Good morning. Futures are a touch higher, sp +1pt, we're set to open at 2092. USD remains weak, -0.5% @ DXY 96.70. Metals are battling to continue higher, Gold +$1. Oil is +0.8%.. ahead of the latest EIA report.



*Durable goods orders: -1.4%... a sig' miss. Not exactly inspiring.

On any basis, the hourly equity cycle is floored, and market should hold above the recent retrace low of sp'2085. A daily close in the sp'2100s looks... probable.. along with VIX 12s.
Notable strength: oil/gas drillers, RIG +2.4%... but remains highly vulnerable to renewed weakness if Oil swings lower.