sp'60min
sp'daily5
Summary
*awaiting jobs, pending home sales, and the EIA report.
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Early price action is much like Tuesday.
First downside target is the Tue' low of sp'2099... that is certainly a fair way lower, but looks very viable by the close.
If we do see a sig' net daily decline, it will bodes well for the equity bears tomorrow... to hit a target of 2080/75. That would make for a marginal net monthly decline.
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Overnight action.. China made a play for the 5K threshold... hit a new 7yr high of 4986, but then cooled. Late in the session there was a rather severe sell down, settling -6.5% @ 4620.
Yes, the decline is a powerful move, but with the SSEC having soared from 2K last summer.. these sort of brief and sharp drops are to be expected.. not least the higher it climbs.
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Update from Oscar
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Have a good Thursday