sp'60min
Summary
So.... almost all of yesterday's gains are set to be negated at the open... for the bears.. this is a rather good start to the day.
What will be important is breaking under the Friday low of 2052... but that is 29pts (1.4%) lower... and considering the power of the rebounds... it won't be easy.
The bigger daily/weekly cycles continue to lean in favour of the bears.. and 2040 remains a realistic initial target this week.
Things only get interesting on a daily close in the 2020s, and that looks out of range this week.
*if we do break under 2033 though... a 38% fib retrace (of 1810-2111) to the 1990s will become a target.. before next opex.
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early movers...
BAC -1.3%.. as Mr Market is struggling whether to price in a rate hike.. or otherwise.
FCX -2.5% in the $13s.. which is a somewhat bizarre level considering the global economic weakness
SDRL -6.4%... as oil/energy sector back under pressure
VIX +8% in the 15.80s.. breaking the Friday high of 17.09 will be tough.... and will be more viable tomorrow.
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Update from Mr C.
Mostly commodity chatter.. but it merits some consideration.
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Overnight action
Japan: CLOSED
China: +1.8% @ 2992... are the PBOC meddling again?
Germany: -1.8% @ 9938... indeed, the loss of the 10K threshold will have some of the bull maniacs a little twitchy now.
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Have a good Tuesday
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9.27am.. In far more important news.. Capt' will ring the opening bell.
Bullish team Capt'