Good morning. US equity futures are moderately higher, SPX +26pts, we’re set to open at 3571. USD is +0.4% in the DXY 93.09s. The precious metals are fractionally higher, Gold +$1, with Silver +0.1%. WTIC is +2.3% in the $42s (printing $43.06).
sp’60min
Summary
Yesterday saw considerable chop, with the SPX settling fractionally weak. S/t momentum is on the very low side, and the s/t setup favours another wave upward.
Overnight futures have been choppy, but increasingly leaning on the positive side. A break back above the hourly 10MA is due at the open. At the current rate, s/t momentum will turn positive late afternoon/early Thursday.
Goldman Sachs issue an upgrade for the SPX: end 2020 – 3600>3700
end 2021: 4300, end 2022: 4600
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Early movers
AAPL +1.1%
ACB -16.6%, popped pot stock mini bubble
AMD +1.6%, set to work with IBM on AI development.
AMZN +1.0%
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BA +1.6%, another 12 orders for the 737MAX were cancelled in Oct’
BABA -1.5%, pressure from the CCP
BAC +0.8%
BYND +1.3%, dead cat bouncing
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CAT +1.2%
CCL +2.2%, dead cat bouncing
CRSR +1.8%, Wedbush 30>34
DDOG -7.6%, post earnings depression
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DIS -0.5%, earnings Thurs’ AH
F +2.3%
FCX +0.9%, with copper -1cent to $3.14
GDX -0.3%
GOLD -0.1%
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GM +2.6%
LYFT +5.7%, post earnings jump
MSFT +1.3%
NEM -0.9%
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NIO -3.1%
NVDA +2.2%
PFE +0.8%
PYPL +2.2%
RKT -2.4%, post earnings cooling
SQ +3.3%
TME +4.3%, post earnings jump
TSLA +1.6%
TWTR +1.2%
UAL +0.4%
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VIX -2% in the 24s
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WFC +0.7%
WORK +2.5%
XOM +1.2%, higher oil
ZM +3.4%, trying to find/build a floor
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Overnight markets
Asian markets were rather mixed, whilst European markets are leaning upward…
Japan: +1.8% at 25349
China: -0.5% at 3342
Germany: currently +0.3% at 13204
UK: currently +0.7% at 6338
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*sidenote: Windows’10 has updated itself, and there are a few annoying quirks, not least changes in system sounds. If anything is driving you crazy, and you need help, let me know.
Have a good Wednesday