sp'60min
Summary
Well... considering the price action from last Friday, its not exactly surprising to see the market is set to open somewhat to the upside.
As a fair few recognise, price structure since the 2111 high is arguably one giant bullish wedge/flag. Some equity bulls could justifiably argue we're headed >2111 and onward to 2134.. and the proverbial moon.
However, much the same was said last Nov/December... and that didn't end so well for the bull maniacs.
Best guess: the week begins positive, but resistance (2077 at the Wed' close) will hold, and a third consecutive net weekly decline in the 2020/1990s remains viable.
Any break >2080 after the Wed' open would bode for a strong bullish breakout.
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early movers...
CHK +4.6%... but then.. it was lower by almost -20% last Friday... and the company remains on my disappear list.
GDX -2.5%.. as the metals are on the slide... no doubt with concerns about the recovering USD.
TSLA +1.3% in the $217s, but still broadly weak... the 200/195 zone looks due this month.
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Overnight action
Japan: +0.7% @ 16216
China: broadly weak, -2.8% @ 2832, as someone important suggest no further easing.
Germany: currently +1.9% @ 10053. Again, the 10K threshold is important... equity bulls need to hold the gains.. or another reversal this week threatens much lower levels into end month.
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Have a good Monday