Pre-Market Brief

Good morning. Futures are a touch lower, sp -1pt, we're set to open at 2107. The USD remains notably weak, -0.3% @ DXY 96.45. Metals are u/c. Oil is moderately higher, +0.5%.


sp'daily5

Summary

We have an interesting day ahead...

A new historic high in the sp'500 looks unlikely today, but still.... even a week or two of moderate weakness won't be enough to break primary support... now at the giant 2K threshold.

*TWTR have earnings at the close of today, I'll have eyes on that, although am not currently involved in it. 
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notable early strength: AAPL +1.2% @ $134, post earnings.

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Update from a typically loud Oscar

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Have a good Tuesday

USD continues to cool

As expected, the USD is continuing to cool, settling the day -0.2% @ DXY 96.89. There is a clear break of the broad upward trend from last May... first downside target are the 93/92s. After a retrace into the summer, the USD looks set to resume higher.. to the 120s.


USD, weekly

USD, monthly

Summary

*the giant monthly cycle is offering the first net monthly decline since May 2014.
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USD is cooling... and a retrace into the summer is now well underway. That has broadly bullish implications for equities and most commodities.
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Looking ahead

Tuesday will see the FOMC meeting begin, along with Case Shiller, Consumer con', and Richmond Fed'.
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Goodnight from London

Daily Index Cycle update

US equities closed somewhat weak, sp -8pts @ 2108 (new historic high 2125). The two leaders - Trans/R2K, settled lower by -0.8% and -1.2% respectively. Outlook is for continued broad upside into May.. if not across the summer... helped by a retracing USD.


sp'daily5

NYSE comp'

Summary

Despite net daily declines for all the main indexes, the most important aspect of the day were the pair of new historic highs in the sp'500 and NYSE comp'

The broader upward trend is unquestionably still continuing.
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a little more later...