sp'60min
sp'weekly'2
Summary
*awaiting a considerable amount of econ-data this morning, not least retail sales.
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At today's close, rising support will be 1945... so.. we can't fall too much today.
All things considered, I don't expect support to be broken in the near term.... not before sp'2000s are hit first.
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re: weekly'2. Note the second blue candle... offering further upside... with the 10MA now at 2028. In some ways the weekly chart is suggestive the market will get stuck at 2000/2010, rather than manage a test of the 50dma (2040s).
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Overnight China action: A second day of declines, with the Shanghai settling -3.5% @ 3005... having briefly lost the big 3k threshold. There remains threat of renewed upside to the 3400/500s.. but regardless.. the 2500/2000 zone looks probable.
Have a good Tuesday
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8.31am retail sales, +0.2%.... certainly nothing for the equity bears to get excited about.... but neither for the bulls either... its a light number.
Empire state manufacturing -14.7 (vs 14.9 Aug).... lousy.... really really lousy
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9.00am. sp +6pts... 1959.
What should be clear though.. we'll likely see chop all the way into Thursday afternoon.
9.16am. Indust' prod, -0.4%... another lousy number for the econ-bulls.
market doesn't much care.. sp +7pts.. 1960.
9.32am.. Why is DIS getting smacked lower? Hmmm
9.34am.. DIS -1.8%... breaking hourly trend support.... not pretty.. $101s.