10am update - opening minor chop

US equities open with very minor price chop. It should be clear there is hardly any downward pressure, and underlying price pressure remains to the upside for another few weeks. Metals are building gains, Gold +$9, but still appears broadly vulnerable into mid March.


sp'60min

sp'weekly6

Summary

*Chicago PMI: 47.6... lousy, and that IS a recessionary number.
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Note the MACD, now in the -4s.. from -8s.  A bullish cross will be viable next Monday.. or at the latest, Mon' March 14th.

It will NOT negate the bigger bearish outlook, unless March closes >2K

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time for some sun... back soon