Wednesday, 23 September 2015

Pre-Market Brief

Good morning. Equity futures are a touch higher, sp +1pt, we're set to open around 1943 (overnight low... 1920). There is threat of moderate upside to the 1950/60s, before resuming lower. Broader target remains 1820 by early Oct'.




*I would like to see the current blue weekly candle turn red by the Friday close, but that will likely require sustained price action <1900.

Overnight futures have teased the equity bears.... with a break of what some (I'm not one of them) who believe in resistance of 1925

Regardless of whatever upside we see this morning, the market should at least close flat/moderately lower. 

China action: As expected, China is starting to roll over again, with the Shanghai comp' settling -2.2% @ 3115. A daily close <3K looks possible within days. and that will open up a cascade to the 2500/2000 zone by mid Oct'.

Have a good Wednesday