10am update - opening weakness

US indexes have slipped moderately lower, but the declines don't appear to have any real chance of building across the day. The primary trend remains to the upside, and will likely continue into the next FOMC. Metals are looking weak, Gold only +$1


sp'60min

Summary

*stockcharts only part working, the hourly charts have just appeared..but yesterdays data is missing.
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So..we're lower, but I just don't see any reason why we'll go much lower than 1940 today..or even for the rest of the week.

Yes, the daily MACD cycles are rolling over, but then..upside pressure is still very strong.
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Notable movers...

AMZN +2%
UAL -2%
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Pre-Market Brief

Good morning. Futures are moderately lower, sp -8pts, we're set to open at 1942. Equity bulls should be able to hold the line around 1940. Metals are a little higher, Gold +$3.


sp'daily5

Summary

So..we're set to open somewhat lower, but the bulls can easily sustain 1940.

Again, it will be interesting to see what sort of buying interest we get on this latest minor decline.
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 *stockcharts should be fully working this morning, although I think some of yesterdays intra-day data will be missing.
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Update from Mr C.


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Daily wrap, with charts!

US indexes saw minor chop across the day, sp -0.4pts @ 1950. The two leaders - Trans/R2K, slipped lower by -0.1% and -0.3% respectively. Near term outlook remains broadly bullish into the next FOMC of June'18th.


*with stockcharts back (sorta), here are a few of the main indexes

sp'daily5

R2K

Trans

Summary

*first to be clear...I do NOT expect the R2K to remain stuck at the current level, I do expect the 1200s within the next week or two, and new highs in July - along with all other indexes.
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So, a relatively quiet day in market land, and it is notable that the sp' managed a second consecutive close in the 1950s - a level many thought not possible until year end.


Looking ahead

There isn't much tomorrow. The only notable things are the EIA oil report, and the US Treasury budget.

*next sig' Qe-pomo is not until next Monday.
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A more normal Wednesday

With stockcharts being offline, it was not the easiest of days. I do have access to my own broker chart software of course, but none of that is annotated, and its just not as good.

I don't expect much from the broader market tomorrow, other than relatively quiet conditions, with the underlying upside. Daily cycles are offering the sp'1960s this week, and I do believe we'll see that.
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*this morning I picked up WFM from the $41.60s, well above my target entry, but with viable upside to at least the 44s, I decided to chase it higher. I'll probably hold until Thursday/Friday.

Goodnight from London