sp'60min
Summary
*awaiting Chicago PMI data. Market is expecting 52.
Last month saw a bizarre spike reading of 55.6, which made absolutely ZERO sense at all. Equity bears should be seeking anything under the recessionary threshold of 50.
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Well, its leap year day.... the end of the month. Indeed, the monthly closes will be important.
I will have eyes on the opening MAs tomorrow morning, and expect the monthly 10MA to drop to around sp'2K. I could tolerate a brief foray to the sp'2020/40 zone in mid March.. but equity bears MUST see a close below it.
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As for today.. I'd expect another daily close above the 50dma... with the market headed to the 2K threshold.
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Doomer chat - Hunter with Weir
As ever, make of that, what you will. I sure don't agree with some of it.
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Overnight action
Japan: broad weakness, -1.0% @ 16026
China: -2.9% @ 2687... remaining broadly ugly
Germany: currently -0.8% @ 9432
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Good wishes for the week ahead