11am update - a wave to at least 2435

US equities have seen a morning high of sp'2447, and have turned fractionally lower. Further weakness to at least sp'2435 is due by mid afternoon. For the bears, things only get interesting with a break <2420, and considering this morning's new historic high in the Transports, that won't be easy. WTIC has built sig' gains of around 1.0% in the $45s.. but looks highly vulnerable.

sp'60min

VIX'60min

Summary

*a new historic high for the Transports of 9742, making it a day for the bulls... even if we close sig' lower.
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As the Yellen continues to babble about 'prudent', 'transient', and 'gradual', equities are cyclically due to lean weak into the afternoon. Even a hit of the lower end of the gap zone to 2425 won't be easy... but the cyclical setup does allow it.

For a sig' net daily decline, we'll need giants like AAPL swing lower, along with WTIC.

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notable weakness/reversal, AMD, daily

AMD opened higher, but there is a full reversal, with AMD now sig' lower. First soft downside target is the daily 10MA.. currently around $13.30.
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weakness, miners, GDX, daily

I'm seeing some rather bizarre bullish talk and charts about gold out there. Yesterday saw GDX settle with a black-fail candle.. and its playing out today. Sustainably trading under old core support.... it sure ain't bullish.

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time to cook !

10am update - opening minor chop

US equities open in minor chop mode, still leaning to the upside. WTIC is currently moderately higher, but yesterday's black-fail candle bodes for renewed weakness as the day proceeds. The precious metals are already on the slide, Gold -$1, with Silver -0.5%.

sp'60min

VIX'60min

Summary

A new cycle high of sp'2447.. a mere 6pts shy of a new historic high. Cyclically, short term price momentum is still slowly swinging back toward the bears. Some cooling to at least 2435 remains due later today.

Yellen is underway... lets see if the senators ask her any questions that annoy her. 

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notable strength, NVDA, daily

Nvidia opens sig' higher, but there will be strong resistance at the June 9th historic high of $168.50. High threat of a double top. If the momo chasers can break and hold >$170, it'd bode for broader market strength into the sp'2450s.

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notable opening reversal, TSLA, daily

Tesla opened higher, but is one of the first stocks to see a downside reversal. Price structure is a viable bear flag. If things turn ugly.. first soft target is the psy' level of $300.

Pre-Market Brief

Good morning. US equity futures are fractionally higher, sp +1pt, we're set to open at 2444. USD is -0.1% at DXY 95.70. The precious metals are fractionally mixed, Gold +$1, with Silver -0.1%. WTIC is -0.2% in the $45s.

sp'60min

Summary

*well, this is kinda unusual.. its like the old days.

As ever, updates each hour. I take requests, if there is something you'd like me to highlight, just email, or message me via Disqus.
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Cyclically - short term ,we're on the very high side. There was an initial rollover yesterday afternoon. At the current rate, a bearish MACD cross is just about within range by the close, but far more viable early Friday.

A very basic downside target for today will be the upper end of yesterday's gap zone... sp'2435, a mere 8pts lower. Things only get interesting with a break under 2420. Even then, we have two key spike lows of 2407/05. Until those are taken out... can't be overly bearish, not least as yesterday saw new historic highs for the dow and trans.

Keep in mind, we have another dose of Yellen today, which will last at least 2-3 hours. Clown finance TV will likely not give blanket coverage.
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early movers

ABX -0.2%.. as the metals sure don't look great
CHK -0.6%, with oil
DAL -1.3%... earnings miss.
KMI -0.6%.. with oil
M +1.5%.. but broadly weak
MU +0.8%... following AMD and NVDA
NVDA +0.5% in the $163s.... a viable double top if 167/168
SNAP +2.5%... but broadly utterly broken
STX -4%... downgraded
TSLA +0.4% at $331
TVIX -0.5% , with VIX -0.3% at 10.27

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update from a typically loud Mr C.


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overnight markets

Its moderately mixed out there...

Japan: u/c at 20099
China: +0.6% at 3218
Germany: currently +0.1% at 12632
UK: currently -0.1% at 7410
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Have a good Thursday