US indexes are holding moderate gains of around 0.7%. With sig' QE-pomo of $2-3bn this morning, bears face the usual problems. Metals have recovered early minor declines..back to flat. VIX remains sharply lower, -8% in the low 16s.
sp'60min
Summary
To be clear...I'm seeking further gains into the FOMC of Wednesday afternoon...and considering this mornings gains..the 1870s do look likely.
From there..I'm seeking a break of the key low of 1834..which should (at least in theory) offer a free ride to 1800/1790 or so.
Whether we go much lower than that...difficult to say..although weekly charts suggest..yes.
11.37am... minor down cycle..nothing for the bears be excited about. VIX -10%
As expected, US equities start the week on a positive note. Equity bulls look set for the sp'1865/75 zone by Wednesday afternoon. Metals are somewhat weak, Gold -$6. VIX is getting crushed, after a conflict-free weekend in the Crimea.
sp'60min
vix'60min
Summary
*awaiting econ-data: indust' prod..housing
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I realise for those short over the weekend, this is turning out to be a lousy start to the week...you have my sympathies.
As it is..last weeks closing candle was significant for the bears, and this mornings open does NOT negate it.
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So...a bounce to 1865/75....and then sub'1800s by end of next week.
Yours truly..is ready and waiting to hit some buttons this Wednesday ;)
Good morning. Futures are moderately higher, sp +9pts, we're set to open at 1850. Metals are weak, with Gold -$5, Silver -1.1%. Despite the gains, equity bulls face a concrete resistance zone of 1865/75. A busy week is ahead for those in market land!
sp'60min1c
Summary
*awaiting econ data - empire state, indust' prod', housing.
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**equity bears should be concerned with sig' QE this morning of $2-3bn.
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So....as I feared last Friday afternoon.. despite a fair few people getting overly excited about 'omg, big gap lower on Monday'..the market is set to open higher.
However, I would agree that the Ukrainian situation is far from over.
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Video update from Mr C.
I'd guess Oscar might be shorting the open, although I'd argue against that. Never mind the issue that the 'Aunt Janet' is due this Wednesday. The last comments he makes are more notable though, as Mr retail clients are indeed finally going 'all in'. after largely sitting on the sidelines since 2008/09.
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Good wishes for the trading week ahead.
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8.47am. Empire state comes in a bit weak, but market doesn't care.
Notable early movers: UGAZ +6%, GRMN +2.5%
9.02am... market holding gains, sp +7pts, 1848.
UGAZ +8%, GRMN +4.5%. Kinda interesting.
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*Look to the VIX this morning, 15s look due...by Wednesday afternoon...
9.24am.. well, sp+10pts...1851... hourly MACD cycle offers upside all the way into the FOMC announcement.
Until then..I'm content to watch and wait. A short in the sp'1865/75 zone...is the target.
