Good morning. US equity futures are moderately higher, sp +13pts, we're set to open at 2018. USD is u/c in the DXY 98.70s. Gold +$3. Oil remains broadly weak, -0.7% in the $35s.
As I noted a few times in the Friday closing hour, the setup favours the bulls. Whether or not you agree we've seen a micro 5 wave decline complete, is not important. What should be clear.. with quad-opex out of the way, the bulls now have an opportunity to claw higher into year end.
It will be a short 3.5 day week. Thursday can be written off as nano-chop... and Wed' will likely be pretty quiet.
Best guess.. we'll battle to the 2040/50s by Thursday 1pm.
First resistance of 2075/80 look out of range until next week. Further, re-taking the 50/200dma (2055/65 zone) will also be tough, but cyclically and seasonally, it looks very probable.
notable early movers....
DIS +1.3% in the 109s, after Star Wars breaks box office records.
AAPL +1.2%... but remaining well under old support
Update from Hunter with Greyerz
Chatter on the bond market, which is certainly an important issue for 2016.
Overnight Asia action
Japan: latter day recovery, but still -0.4% in the 18900s
China: solid gains, +1.8% @ 3642.
Have a good Monday