US equities remain moderately weak, with an early low of sp'1965 and VIX 29.37. Regardless of further chop, there still looks to be increasing downward pressure across today.. and into Tuesday. Metals are somewhat weak, Gold -$5, with Silver -0.8%.
sp'15min
GLD, daily
Summary
*Gold is set for a net monthly gain of around $30 (3%).. and remains within a broad downward trend.
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Little to add.
Relative to last Monday of course, today feels pretty dull... even with VIX in the mid/upper 20s.
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notable rebound in AAPL, having already turned positive to $113.45.
I'd only consider an entry <110.. otherwise, I'll leave it alone.
US equities open moderately weak, with the hourly cycle offering increasing downward pressure into the Monday/monthly close. Primary downside target is the sp'1945/30 zone.. which will equate to VIX back in the 30s. For the bull maniacs... it has been a rough month.
sp'60min
Summary
*Chicago PMI 54.4... non-recessionary, and nothing for the macro-bears to get excited about.
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Suffice to say.. hourly MACD cycle is set for a bearish cross within the next hour or two.
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I've eyes on AAPL
*yes, the fib retrace on the chart is unconventional, but I think its more fitting.. and ignores the opening Monday flash crash print.
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60min
I'd like to go long in the 109/108s. That seems possible, despite AAPL holding up relatively well so far.
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Good morning. Equity futures are moderately lower, sp -13pts, we're set to open at 1975. A natural retrace of the hyper bounce (1867/1993: 126pts) remains the 1945/30 zone... which looks probable by Tue/Wed.
sp'15min
spmonthly3b
Summary
Regardless of any retrace in the first half of this week, a more important issue is that August is set to close seriously bad for the bull maniacs.
The sp'500 is set for a net monthly decline of 5-7%... with a red candle on the Elder chart. Unquestionably... we have a turn on the grand monthly cycle. A hit of the lower bollinger in the low 1800s looks a given in Sept/Oct.
Increasingly.. the low 1700s look viable by mid Oct. First things first though... lets close out the month.
early movers
AAPL -0.8% @ $112.30s
NFLX -2.6% @ $114s
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Update from Mr C.
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Overnight China action: yet again, the Shanghai comp' struggled across the day... and then a rather strong late day ramp, settling -0.8% @ 3205. It looks like the SSEC is headed for the 2500/2000 zone by end Oct... and that will no doubt infuriate the communists overlords.
The China SWAT teams are increasingly raiding anyone who dares suggest the market can go down. Does the UK have an extradition treaty with China?
