Good morning. US equity futures are fractionally higher, SPX +4pts, we’re set to open at 4231. USD is -0.1% in the DXY 89.96s. The precious metals are a little mixed, Gold -$4, with Silver u/c. WTIC is +0.1% in the $70s (printing $70.62).
sp’60min
Summary
Yesterday saw considerable chop, with the SPX settling effectively flat. S/t momentum settled fractionally positive.
Overnight futures have been very subdued, if leaning fractionally positive. The setup is identical to yesterday.
I would keep in mind yesterday’s SPX and Nasdaq black daily candles, which are highly suggestive that the market will turn red at some point today.
Far more important will be Thursday’s CPI data, when… one way or another, we can expect some market drama.
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Early movers
AAPL +0.4%
AMC -6.1%, WSB hysteria fading
AMD +0.4%
ANF +2.9%, Jefferies, hold>buy, $57
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BAC -0.4%, WFC $52s
BB -3.3%, WSB
BCS -2.3%, weak UK banks
CCJ +0.9%
CLOV +20.0%, WSB hysteria continues
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CPB -7.7%, EPS 57cents vs 66est. Rev’ y/y -11.3% to $1.98bn vs 2.01est. Guidance lowered… as demand for canned goods is fading.
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COIN +1.2%, higher crypto
Bitcoin catching a bounce, but that sure doesn’t negate price structure of a bearish pennant. A drop to psy’20/19k still appears probable.
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DB -1.9%, weak EU banks
F -0.3%, Citi 13>17
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FCX -1.0%, with copper -5cents to $4.50
GDX -0.5%
GOLD -0.3%
GME +0.3%, earnings due in AH
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JPM -0.6%
MU +0.3%
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NEM -0.4%
I would note the 50dma in the $66s
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NVDA +0.8%
S/t very over-stretched.
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OXY +0.7%
RKT +5.7%, UOA yesterday
RIO -1.8%, lower copper
SLB +0.4%
SPCE +2.0%
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TGT +0.3%
TSLA +0.3%
TLT +0.6%, yields cooling back
TLRY +2.0%
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VIX +0.4% in the 17s
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X -1.1%
XOM +0.3%
ZM +0.5%
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Overnight markets
Asian markets were a little mixed, whilst European markets are moderately lower…
Japan: -0.3% at 28860
China: +0.3% at 3591
Germany: currently -0.5% at 15555
UK: currently -0.5% at 7056
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Have a good Wednesday