Good morning. US equity futures are fractionally lower, sp -1pt, we're set to open at 2090. USD is -0.1% in the DXY 94.40s. Metals continue to broadly climb, Gold +$3, with Silver +1.0%. Oil is +2.0% in the $44s, ahead of the latest EIA report.
Well, its Fed day. The market will be highly inclined to churn all the way to 2pm.
After some wild min' to min' swings, we'll likely see a clear direction be taken by 2.15pm.
Considering the hourly/daily/weekly cycles, I'm inclined to see sig' downside by the close of today... a hit of 2065/61 is within range.
Right now, a logical short-stop remains the recent sp'2111 high, the Nov' high of 2116.... or the ultimate sand line of 2134.
AAPL -8% in the $95s..... post earnings distress
TWTR -14% in the $15s... as above
BWLD (Buffalo Wild Wings) -12%
Update from Mr C.
re: weekly8e. If correct, downside should be at least to the sp'1600/1500s... and that would no doubt freak the mainstream out. How would the central banks respond? There would be more QE from the BoJ and ECB, and even the US Fed might move to NIRP.
Oscar didn't say it, but if correct, higher Gold will have massive implications for the related mining stocks.
Doomer chat... Hunter with Mr Williams.
I like Williams, but I remain NOT on the 'dollar doomer' train.
Have a VERY entertaining and profitable Wednesday.