Pre-Market Brief

Good morning. Futures are moderately lower, sp -8pts, we're set to open at 1986, clearly taking out the Monday low. Last weeks low of 1978 remains rather critical. Metals are trying to bounce, Gold +$14, the lower USD, -0.4%.. will no doubt help.


sp'daily5

Summary

So... we're set to open lower, and with yesterdays low taken out, I'm not sure what to think.

The one thing the bulls do have this morning... $1.7bn of QE.... that will help, but will it be enough to negate the sell side volume?

Overall, today will be important... eyes on the recent low of sp'1978.

Notable early weakness, BABA -1.7%, TSLA -1.9%

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Video update from Carboni


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Good wishes for Tuesday

Keeping things in perspective

The week certainly started in favour of the equity bears, but really, it is somewhat laughable to see some getting overly excited, with the market just having broken new historic highs last Friday. The broader trend remains... UP.


sp'weekly8

Summary

*I remain reluctant to get overly focused on any kind of wave count. Without question, the broader trend is still a series of higher highs.. and higher lows.
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So, we start the week with a blue candle, but we're still comfortably above the weekly 10MA - at least for the sp'500. Unless we lose 1990 this week, and get a weekly close <1975 or so, bears have little to tout.


Looking ahead

We have a trio of fed officials talking tomorrow, Mr Market will be listening as ever.

In terms of econ-data - house price index, PMI manu', and Richmond Fed'

*there is QE of around $1.7bn... bears beware!
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Goodnight from London

Daily Index Cycle update

US equities slipped across much of the day, with the sp -16pts @ 1994. The two leaders - Trans/R2K, settled lower by a rather significant -1.4% and -1.5% respectively. Near term outlook is for sp'1990 to hold, with renewed upside.


sp'daily5

R2K

Trans

Summary

The weakness in the R2K - which saw a death cross today, has garnered some significant attention, but then, the R2K has been weak since the spring.

Unless the sp'500 breaks back into the 1980s... there is no justifiable reason why anyone should be shorting the broader market.
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Closing update from Riley



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a little more later...