US equities remain moderately weak, having seen a rather classic opening reversal from sp'2116. There is viable downside to the sp'2090/80 zone across the next few days - with VIX 16s, before renewed upside into the FOMC of June 17th. USD has rebuilt gains, +0.6% in the DXY 97.40s.
The many faced god has bullish and bearish faces
sp'60min
sp'daily5
Summary
*if a man or woman does not get the reference in the picture above, a man or woman is not watching the correct TV show on a Sunday night.
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Okay.. away from Bravos, and back to market land...
Price action looks very much in favour of the equity bears, and is certainly being reflected in the VIX..having broken the high of 14.64.. when sp' was 2099.
Given another few days, we should be somewhere within the sp'2090/80 zone. The VIX should offer a clearer sign of a market floor via a spike top in the 16s (17s.. on a stretch).
notable weakness, coal miners, BTU -5% @ $3.21.. another new historic low.
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US equities open moderately higher to sp'2116, but that is likely the high of the day... and perhaps the week. The door remains open to a minor washout to 2080.. with VIX 16s. USD has cooled a little, +0.1% @ DXY 97.00. Gold/Oil have duly snapped higher.
sp'60min
vix'60min
Summary
*Black-fail candles all over the place... as the market completely unable to hold opening gains.
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.. and the week begins with a rather classic opening failure... the threat of an upside break looks out of range for a few days.... probably until after the Friday jobs data.
VIX is confirming the turnaround... breaking the high of 14.64... looking set for 15s today. 16s look difficult until tomorrow.
10.05 ISM manu' data comes in okay... market swings higher... although it sure is choppy this morning.
10.26am.. chop chop.. having hit 2102... 2099 is the next target....
Overall... price action sure ain't bullish... a washout to the sp'2080s looks due before renewed upside.
USD back on the rise.. +0.6% in the DXY 97.40s.. that will be a pressure for most asset classes across today.
Good morning. Futures are moderately higher, sp +7pts, we're set to open at 2114. The USD continues to climb, +0.4% in the DXY 97.40s. Metals are already somewhat weak, Gold -$4. Oil is similarly on the side, -0.4%.
sp60min
Gold, daily'2, with USD
Summary
*awaiting a number of data points this morning, notably PMI/ISM manu'
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Welcome to June :)
So, we're set to open a little higher, but a reversal lower looks very possible. Declining resistance will be around sp'2120 by lunchtime.. bears must hold the morning rally below that.
The daily/weekly cycles continue to offer a brief drop around sp'2080, before renewed upside into the next FOMC of June'17th.
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Weekend dollar doom chatter - Hunter, with Schiff
Once again the Schiff is on the 'dollar doom train'. He simply can't help himself, despite being wrong for TEN years straight on national TV/online. Now he is calling for a dollar collapse on the basis that the market believes the fed can raise rates.. but which he does not think is possible.
I have been a supporter of Schiff since 2006, but I do wish he'd quit this currency talk nonsense. He has been wrong for a decade.. and seems utterly inflexible on this issue.
*is it ironic that he never mentions Gold once in this interview. I'd guess he has not capitulated on Gold... quite yet though. Mr Market has yet to break enough of the gold bugs to merit a key floor/washout level.
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notable overnight hyper-strength: China, +4.7% @ 4828... making another attempt to break/hold the giant psy level of 5K.
