US equity futures are broadly flat, we're set to open at sp'2023 USD is continuing to rebound, +0.3% in the DXY 94.60s. Metals are cooling, Gold -$3. Oil is u/c in the $47s.
sp'daily5
Summary
There is little reason to note expect a day of moderate chop... on what is after all... OPEX.
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Overnight Asia action
Japan +1.1%
China: +1.6% @ 3391. That is a rather powerful net daily close... effectively testing the old broken threshold of 3400s. Where China trades from here.... critical.
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End week chat from Hunter
If that doesn't inspire you to kill yourself, I don't know what will
With the sp' closing +29pts @ 2023, the broader market looks on track for a third consecutive net weekly gain. The sp' has climbed 152pts (7.6%) since the marginally higher low of 1871. Without question, the only important issue is whether the market can see sustained action above the 200dma.. and monthly 10MA.
sp'weekly1b
sp'monthly1b
Summary
A tiresome day.. and suffice to say... there is NOTHING bearish in the immediate term. Even Oil looks like it made a short term floor today, despite a rather huge net weekly inventory gain of 7.6 million barrels.
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Update from Mr C.
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Looking ahead
Friday will see indust' prod' and consumer sentiment.
It is OPEX.. so expect increasing chop into the weekly close.
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Don't forget about China
As of 10pm EST, the SSEC is +1.0% @ 3370.
Any sustained action >3400 would be highly suggestive the down wave from the 5100s has concluded. I think its to be taken VERY seriously.
US equity indexes closed significantly higher, sp
+29pts @ 2023. The two leaders - Trans/R2K, settled higher by 1.4% and
2.3% respectively. Near term outlook offers the 2030/40s, with the
2050/60s in FOMC week (Oct 26th>).
sp'daily5
R2K
Trans
Summary
Suffice to say.. very sig' net daily gains for all indexes. All US indexes look set to test the key 200dma before end month.
If sustained price action >sp'2060, the equity bears can wave any hopes of renewed downside until late spring 2016.
