Pre-Market Brief

Good morning. US equity futures are a little lower, sp -3pts, we're set to open at 2061. A daily close in the 2065/60 zone looks probable, as price action is likely to be extremely subdued.


sp'60min

WTIC Oil, weekly2

Summary

*Oil is set for a sig' net weekly gain. First blue candle in a fair few weeks. First target is 40/42 zone. Any move >42.. bodes for much higher to the $50 threshold in the spring. Were that to occur, it'd massively help the broader market mood.
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Aside from the weekly jobs data, there really isn't a reason to expect anything of significance from today's half session.. as we close early at 1pm.

Certainly though... the recent underlying trend from the last few days - such as in energy, will likely continue.

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Update from Mr C.


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Overnight action...

Japan: -0.5% in the 18700s.. still struggling
China; -0.6% @ 3612... still below the monthly 10MA.

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yours.... always here... even on Christmas Eve.

The green December candle

Whilst US equity indexes closed broadly higher for the third consecutive day, the far more important issue is how price momentum on the giant monthly cycle continues to turn back toward the equity bulls. As things stand, the sp'500 is set for a third consecutive monthly close above the key 10MA (2054).


sp'monthly3b

Summary

The third consecutive green 'rainbow' (Elder Impulse) candle, unquestionably bullish, and we're trading a little above the 10MA.

Right now, a December close above the 10MA.. with a green candle looks extremely likely.
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Of course.. one index does not maketh a market...

Trans, monthly2

The 'old leader' remains a literal train wreck, which is all the more remarkable considering continuing low fuel/energy prices.


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Looking ahead

Thursday will see the usual weekly jobs data.

The US equity market will close early at 1pm EST.
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Goodnight from London

Daily Index Cycle update

US equity indexes closed broadly higher for the third consecutive day, sp +25pts @ 2064. The two leaders - Trans/R2K, settled higher by 1.1% and 1.3% respectively. Near term outlook is bullish to the 2075/80 zone, with the 2100 threshold just about in range by year end.


sp'daily5

Trans

Summary

Suffice to add..  a rather bullish day, as it would seem the end year tax selling is essentially complete.

Whilst the sp'500 is leading the way higher, it is notable that the Transports has a very long way - some 9%, to make an attempt to re-take its 200dma.
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Update from Riley


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a little more later...