sp'60min
sp'daily5
Summary
So, we're set to open a little higher, but based on yesterdays action, we still look headed for the sp'2080/75 zone within the next few days. I suppose you could count today as a B wave bounce... but regardless, I'd be surprised if sp'2099 was a cycle low.
Lets see if the market gets stuck by 11am... a moderate net daily decline still looks very possible.
Broadly though, regardless of any renewed weakness this week, the market still looks set for new highs (well, except the Trans), in June/July.... so long as the USD stops rising!
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Overnight action..China +0.6% @ 4941 (intra high 4958).
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Update from Oscar
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Update from Riley
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Have a good day.
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9.00am.. USD +0.4% in the DXY 97.70s.
This remains a HUGE issue... 98s would arguably completely rule out any hope of renewed weakness to 90/89. Implications of >100 are rather severe.