Good morning. Futures are moderately lower, sp -5pts, we're set to open at 2118. USD is u/c in the DXY 97.40s. Metals are a touch weak, Gold -$1, whilst Oil -0.2%... ahead of the next EIA report.
*awaiting jobs, pending home sales, and the EIA report.
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.
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.
Update from Oscar
Have a good Thursday