11am update - choppy... but positive

US equities are seeing a little chop, but still moderately positive, after overnight lows to around the sp'2K threshold. USD continues to build gains, +0.5% in the DXY 99.30s. Metals remain choppy, Gold +$3. Oil remains notably weak, -1.3% in the low $40s.


sp'60min

Summary

The strong swing in Oil (from gains of >2%), to -1.6% is really restraining this mornings equity attempt to rally.

Again, the underlying issue of supply has not in any way been resolved. Sustained price action under the $40 threshold looks probable... and that sure won't help the energy stocks.. nor broader market.
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notable strength/reversal...

AAPL, daily

Finding support around rising trend.. although yes.. its far from perfect. Those equity bulls seeking hyper-upside are clearly going to need to see AAPL >$132... preferably by year end... but that sure won't be easy.

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Meanwhile... here in London city...

A bit windswept, showery... but it sure ain't cold... 50/55f.
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time for an early lunch

10am update - opening reversal

US equities break a new cycle low of sp'2019, but then see a swift reversal into the 2030s... no doubt as many short across the weekend are covering. USD is building gains, +0.4% in the DXY 99.20s. Gold +$3. Oil is seeing further swings, +0.2% in the $40s.


sp'60min

VIX'60min

Summary

An opening reversal... and its looking like we have a key floor of sp'2019.

The wild card remains Oil. Any loss of the $40 threshold would upset the broader market. The next pair of inventory reports (Tue AH, and Wed am) will be pretty important, but then, aren't they always?

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notable reversals..

AAPL, from -1.5% to +0.4%
NFLX -2% to +2.5%

weakness: airlines, DAL, -2.5%... despite Oil remaining weak. Algo-bots auto selling trans/leisure post-French event?

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back soon

Pre-Market Brief

Good morning. US equity futures have swung from an overnight cash-market equiv' low of -20pts @ 2003, to +5pts, we're set to open at 2028. Despite the USD +0.3% in the DXY 99.10s, commodities are bouncing, Gold +$10, whilst Oil is +2.2%.


sp'60min

sp'daily5

Summary

The overnight swing certainly makes for a rather powerful low . The only issue now is whether the cash/real market will want to test that low.... in the sp'2005/00 zone.

The smaller 15/60min cycles are already on the very low side, so the threat remains against the bears.

Clearly, another up cycle is due... with a return to the 2100s... certainly by the next FOMC.
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Overnight Asia action

Japan: -1% @ 19393... broadly weak, as it officially is back in a recession.
China: opened sig' lower, but settled +0.7% @ 3606.
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French market - CAC, opened lower by around -1.0%, back to almost flat, around 4800. A year end close back above the 5K threshold is rather important.
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notable early movers...

GDX +1.7%, but that gains look broadly unsustainable.
AAPL -1.0% in the $111s.
TWTR +1.4%... as a few of the momo chasers appear.

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Have a good Monday
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9.01am.. Futures have turned negative.. sp -2pts... 2021.

Monday moderate washout, and then up?      Probably.

notable weakness, DIS -1.1% in the $113s.... with Star Wars 7 just a month away.
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9.23am.. Big reversal in Oil, now -0.8%... the $40 threshold is vulnerable.. if lost... open air lower... and that sure won't help the broader market..

sp' set to open -4pts...2019.