US equities continue to build gains, as equity bears are once again systematically ground out of the market. VIX is reflecting a market that is trying to resume 'normal service'... but the bigger weekly/monthy cycles remain utterly broken. Nothing has changed since the August break.
sp'60min
Summary
*I've adjusted a fair few charts today.. merely to reflect a higher low.. rather than last Friday's marginal break.
The point is... we do look headed higher into Wed/Thursday.... and it is from the 50dma (2030s).. that a sustained move to the downside will be more viable.
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notable strength.. AAPL, +1.2%
I'd like to short AAPL from the 116/118 zone.... when sp'2030s. For now.. its one to merely watch.
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US equities open moderately higher, and look set to build gains into the afternoon. A daily close in the sp'1970s would keep the door open to a test of the 50dma in the 2030s later this week. VIX is naturally cooling, -3% in the 21s. Another loss of the 20 threshold looks due.
sp'60min
VIX'60min
Summary
*I've redrawn the hourly chart slightly. So long as we don't break the Friday low, I think its important to keep in mind we could merely have put in yet another higher low.
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All things considered, those holding long across the weekend must be letting a huge sigh of relief at this mornings open.
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I remain on the sidelines... am trying to be patient (to build short positions), as I do think there is a serious threat of 2030/50 zone.. before a decisive break lower.
The fact that China looks like it'll push upward to the 3300/400s would certainly help give the US/EU markets upward pressure into Wed/Thursday.
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notable weakness, GDX -2.0%... as Gold -$6.... very weak relative to Oil/broader market.
Good morning. US equity futures have swung higher from earlier declines, sp +10pts, we're set to open at 1968. USD is on the rise, +0.5% in the DXY 95.30s. Metals are weak, Gold -$3. Oil is on the rebound, +1.0% in the $45s.
sp'60min
sp'daily5
Summary
So, overnight initial equity weakness... but we're now set to open moderately higher... a daily close, esp' in the sp'1970s will keep open the door to a test of the 50dma in the 2030s this Wed/Thursday.
*I am on the sidelines, am on a 'no-longs' policy from here onward... will be looking to build some short positions... but really, I'd like to wait until the the sp'2010/30 zone.
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Doomer chat, Hunter with Holter
As ever, make of that... what you will.
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Overnight Asia Action...
*Japan is CLOSED until Thursday.
China.. battled hard to overcome initial minor weakness, with the Shanghai comp' settling +1.9% @ 3156. The 3300/400s look due before the bear flag breaks... with viable downside to 2500/2000 in October.
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Good wishes for Monday... and the week ahead :)
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7.30am sp +14pts.. 1972. The faster the market can push up... far better chance of re-taking the 2000s this week.
Seriously, even though I won't be taking any new longs in the current cycle, I really am cheering this nonsense higher.... I want a better level to short from !
notable strength: AAPL +0.5% @ 114. I'd like to short from 116/118. There is huge resistance at the old broken floor of 119/120.
INTC +0.8% @ $29.25... I'd like a short in the 29.75/30.25 zone. The bigger target remains $22s... but that would need sp'1800... if not 1700s.
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