Pre-Market Brief

Good morning. Futures are moderately lower, sp -12pts, we're set to open at 2092. Despite China devaluing the Renminbi, the USD is fractionally lower, -0.1% in the DXY 97.00s. Metals continue to bounce, Gold +$6, whilst Oil remains broadly weak, -1.3% in the $44s.


sp'daily5

Summary

So.... now its a case of whether yesterday's nonsense can be fully negated across the next few days.

Equity bears should be seeking at least a net daily decline in the 2095/85 zone. Preferably though,we'll close in the 2085/75 zone.. along with VIX 14s.

Long day ahead....   and my head is already spinning with 'moving/house issues'.
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notable early movers: SHAK, +8% in the $76s
Ford (F), -1.5%
AAPL -1.3% in the $118s.

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Overnight China action: The Shanghai comp' closed essentially flat.
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Have a good Tuesday
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8.43am.. sp -15pts... we're set to open at 2089.   Just another 11pts.. and we'll negate the entire 'Monday nonsense'. It would make for yet another stern reversal.

notable weakness: TWTR -1.8% in the $28s....  headed below the IPO price of $26.


9.00am.. equities really showing some weakness now.. borderline significant...

sp -18ts... 2086....    that should equate to VIX 13.75/14.25 at the open.
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9.34am. VIX +9%... 13.30s...   that is somewhat disappointing.  Anyway.. lets see where we close.

Bullish start to the week

US equities have begun the week on a particularly bullish note, sp +26pts @ 2104. Yet, today's gains do little to negate the various bearish signals seen across the last few weeks. Unless the bulls can break the highs from not just last week (sp'2112), but July 20'th (sp'2132)... outlook remains bearish.


sp'weekly

Dow, monthly

Summary

*Despite a net daily gain of 241pts (1.4%), the Dow monthly still looks pretty ugly. Right now, new historic highs >18351, look out of range for some considerable time.
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The broad chop since February continues.

Increasingly, some are recognising that this is largely a correction across time.. rather than price. However, the even bigger monthly cycles are still offering a sig' correction of 8-12% into the early autumn. Of course, that won't satisfy most bears.... not least since it won't break below the Oct'2014 lows.

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Looking ahead

Tuesday will see productivity/costs and wholesale trade.
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Goodnight from London

Daily Index Cycle update

US equity indexes closed significantly higher, sp +26pts @ 2104. The two leaders - Trans/R2K, settled higher by 1.5% and 1.2% respectively. Near term outlook is now borderline, bears need to hold the market under the recent failed rally attempt of sp'2112.


sp'daily5

Dow

Summary

*The Dow (along with the NYSE comp') is set for a 'death cross' tomorrow.. or at the latest... Wednesday. From a pure technical perspective, it is a bearish signal.. but can often be so laggy as to be useless for short/mid term trades.
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Little to add.

A strong start to the week for the bull maniacs. However, the bulls need a decisive daily close above last weeks high of sp'2112.. otherwise, its just another failed rally.

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a little more later...