Good morning. US equity futures are leaning higher, SPX +7pts, we’re set to open at 3322. USD is u/c in the DXY 94.00s. The precious metals are broadly lower, Gold -$12 (printing $1876), with Silver -3.7% (printing $23.22). WTIC is +0.1% in the $39s.
sp’60min
Summary
Yesterday saw considerable chop, if leaning on the positive side. S/t momentum ticked upward across the day, and is now on the very high side.
We’re set to open on a positive note, helped by European markets. Major resistance of the 3340/50s should hold, before resuming lower. Thursday will be prime for the bears, as 3100 is very much on the menu.
Some perspective…
SPX m1b
For a bearish engulfing candle, need to settle the month under the August low of 3284. Right now… that looks rather probable. Such a candle would bode problematic for October… at least to the 10MA, currently at 3113.
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Early movers
ACB -16.6%, post earnings horror
AG -1.7%, lower silver
AMD -0.3%
AXP -1.7%, BoA downgrade, neutral>underperform
BA +0.9%
BAC +0.8%
BAC +0.5%
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CCL +2.8%
CGC -1.2%, in sympathy with ACB
CRON -3.8%, in sympathy with ACB
DAL +1.5%
FCX +0.5%, with copper -2cents to $3.03
FL +4.0%, higher with Nike
GDX -1.5%
GOLD -1.2%
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GIS +2.2%, EPS $1.00 vs 82cents est. Rev’ y/y +9.0% to $4.4bn vs 4.2est. Dividend raised.
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JNJ +2.5%, begins phase’3 vaccine trial
KBH -2.8%, post earnings depression
LULU +2.1%, resuming buybacks
MU +1.6%
NEM -0.9%
NKE +12.5%, post earnings jump
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NKLA -2.1%
PAAS -1.9%, lower silver
PFE +0.7%
SHOP -1.9%
TLRY -4.9%, in sympathy with ACB
TSLA -5.2%, post ‘batteryday’ depression
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TWTR +2.4%, Pivotal hold>buy, 36>59.75
UAL +1.4%
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VIX -1% in the 26
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WDC +4.5%, restructures ‘storage portfolio’ into two business units, and I would imagine the market is hoping one will be spun off.
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WMT +0.4%, hiring 20k seasonal workers
WPM -1.7%, lower silver
XOM +0.6%, but… m/t broken
ZI +3.8%, Wells Fargo equal-weight >over-weight, p/t $46
ZM -1.3%
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Overnight markets
Asian markets were fractionally mixed, whilst European markets are very significantly higher…
Japan: -0.1% at 23346
China: +0.2% at 3279
Germany: currently +1.7% at 12806
UK: currently +2.4% at 5968
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Have a good Wednesday