sp'60min
sp'dailly5
Summary
*awaiting Factory orders data (10am).
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So... the week is set to begin with some gains... as the broader trend remains bullish (if weakening on the monthly MACD cycle).
Equity bulls should be looking for a daily close >sp'2115 today or tomorrow... that will be enough to clarify new highs are due.
On no basis does a break under the 200dma look viable... and the recent low of 2072 should hold... even if the market unravels later this week.
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notable early strength: TWTR +1.4%, but still only in the $38s... and vulnerable to testing the Dec' low of $34s. I sure won't be getting involved in that momo nonsense for some weeks to come.
weakness: MGM -2.9%... related to the post Maypac defeat?
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Update from a typically loud Oscar
I certainly agree with Oscar on the precious metals. Overall price structure remains a very bearish H/S formation, and if Gold loses the Nov' low of $1130, there is open air down to the $1000 threshold this summer.
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Good wishes for the week ahead!