Good morning. US equity futures are fractionally higher, sp +1pt, we're set to open around 2101. USD is +0.1% in the DXY 94.00s. Metals are mixed, Gold -$3, whilst Silver is +0.6%. Oil is -1.5% in the $41s.
sp'60min
Summary
By today's close, equity bears just need <2100 to break rising trend... and if we're going to have a chance of reaching the 2065/61 zone by the Friday close, we really do need to close net lower today.
Cyclically, the setup favours the bears, with the MACD equity cycle set to see a bearish cross this morning.
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early movers....
INTC -1.9%... post earnings depression. Maybe they need to just fire even more people?
BA -2.1%
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Overnight action
Japan: opening sig' gains fading across the day, settling +0.2% @ 16906
China: broad weakness, -2.3% @ 2972
Germany: currently +0.2% @ 10369
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It was another day for the equity bull maniacs, who notably achieved a new cycle high of sp'2104, along with Dow 18103. The ultimate issue now is whether new historic highs >sp'2134 and >Dow 18351 can be made in the coming weeks/months.
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To end today.. a few Fibonacci time charts...
sp'weekly1c
sp'monthly5
Summary
So.... what to make of the above?
If you start from May'2015, the weekly cycle is offering 'something' in late May, whilst the monthly cycle is also offering a possible turn in May.
It should be clear, ANY price action >sp'2134 would negate the charts. .. and I sure ain't trading on them.. its just something unusual that I wanted to highlight.
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It is notable that the Nasdaq comp' maxed out in July of 2015, and thus the next time event is pushed out to late July/August.
Nasdaq comp', weekly2
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Macro chatter - Mr Long with Mr Rubino.
For those with an interest in the big picture.. this is a must-view.
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Poster 'Alexandre M.' highlighted the following EW video by Lara.
I try to refrain from counting any of this nonsense, but I will say, its a good video.. with some interesting ideas.
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Looking ahead
Wed' will see Existing home sales and the latest EIA report.
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As ever... your thoughts on the Fib-time charts are welcome.
US equity indexes closed moderately mixed, sp +6pts @ 2100 (new cycle
high 2104). The two leaders - Trans/R2K, settled higher by 1.3% and 0.1%
respectively. Near term outlook offers a break of short term rising
trend/support, a move <2090 will open up the gap zone 2065/61 by the
Friday close.
sp'daily
Dow
Nasdaq comp'
Summary
sp'500: a notable new multi-month high of 2104.. a mere 30pts (1.4%) shy of the May'2015 high.
Dow: a new high of 18103.. just 248pts (1.4%) shy of the May 2015 high.
Nasdaq: a net daily decline of -0.4%, but still holding within the gap zone of the 4900s.
