Good morning. Futures have largely recovered from overnight lows (sp -27pts), but are still a little weak, sp -6pts, we're set to open at 2061. Metals are seeing minor gains to begin Q2, Gold +$1. Oil, +0.1%, ahead of the latest EIA report.
sp'60min
sp'weekly2, rainbow
Summary
*I wanted to highlight the bigger weekly cycle, as a reminder of the broader trend. Even a move to the sp'1960/40 zone would not negate the broader downward trend. The equity bull maniacs have a full 5% of buffer zone before any sig' technical damage is done.
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ADP jobs: 189k net gains.. but that is a clear miss.. market was expecting 230k.
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So.... Tuesday afternoon saw a key break... and we're set to see some follow through. Equity bears could do with a daily close <2050.. whether today.. or tomorrow.... along with VIX in the 16/17s.
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notable early strength: TWTR +1.4%
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Good wishes for Wednesday trading!
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9.26am.. Hmm... set to open -2pts... 2065... for those watching last night... clearly, this is a pretty lame open.
In any case.. yesterday did see a key break.. so.. lets see how we close.
*notable weakness, airlines, DAL/UAL, both -2%
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9.37am.. Bears making some early progress... minor gap filled.. and 2050s due.
Despite the weakness, TWTR building gains, +2.5%