Despite hitting sp'2093.. a mere 1pt below the Friday high, the broader equity market still looks vulnerable.. with net daily declines very viable. With the USD -0.2% in the DXY 96.70s, the metals remain weak, Gold -$7, with Silver -1.3%.
sp'60min
GLD, daily
Summary
Little to add.
Even if a new high is broken today, it will not negate the underlying price pressure.. which is swinging back toward the equity bears.
Market is clearly due a sig' retrace.. and the jobs data (across Wed-Friday).. would make for a natural excuse.
US equities open a little higher, sp' +10pts @ 2090, but the market looks increasingly vulnerable. The daily cycles are offering a clear bearish MACD cross, no later than Thursday. Gold is starting a new month on a weak note, -$7. Oil is back to flat.. in the $46s.
sp'daily5
VIX'daily3
Summary
A new month begins on a moderately positive note... but all things considered, it would be bizarre if we don't see a retrace across the next few weeks.
notable weakness, miners... GDX -1.0%.... rest of the year could be pretty rough for the miners/metals... not least if the Fed finally raise rates at the Dec' FOMC.
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Opening reversal in NFLX
Its got stuck at the gap zone.... looks vulnerable to 95/90... within 2-3 weeks. A test of the 200dma remains very viable.. before upside into end year. Nov' chatter on 'Jessica Jones'.. amongst other shows will no doubt help.
Good morning. US equity futures are a touch higher, sp +2pts, we're set to open at 2081. It would seem that 2094 is a short term high, and the market is now headed to the 2020/00 zone within 2-3 weeks.
sp'daily5
Summary
Overnight futures were -10pts or so... not least pressured by weakness in Asia.
It does seem very likely we'll see closing declines today... and clarify that last Friday was the peak of the up cycle from sp'1871.
It should be a far more dynamic week than last week, and we still have further corp' earnings, notably: FB and DIS.
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Energy prices remain weak...
Nat' gas -4.2%. Oil -1.0%....
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Update from Oscar
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Doomer chat, Hunter with Casey
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Overnight Asia action
Japan: -2.1% @ 18683... not the best of starts to a new month
China: -1.7% @ 3325... unravelling into the close.
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Have a good Monday
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9.39am.. It is notable that with sp +6pts... VIX is +2%.... it does not bode well for the equity bulls.
