Good morning. US equity futures are moderately lower, SPX -18pts, we’re set to open at 4356. USD is +0.1% in the DXY 92.55s. The precious metals are fractionally mixed, Gold -$2, with Silver +0.1%. WTIC is -1.1% in the $71s.
sp’60min
Summary
Yesterday saw considerable chop, with the SPX settling fractionally positive. S/t momentum settled on the low side.
Overnight futures have been mostly leaning on the weaker side, somewhat pressured by European markets.
Yesterday’s SPX black daily candle is set to play out. Further, I’d keep in mind that a fair number of stocks (especially within energy) saw bearish engulfing candles.
On balance, I’d look for red gap to be tagged, whether today or early Friday. Prime target are the 4250/40s, but that is clearly out of range this side of OPEX.
Yours truly is very content to sit back and wait for lower prices to add/buy, and sees no hurry until early next week.
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Early movers
AG +0.6%
AMC -5.8%, dumb apes
AMD +0.8%, helped via TSM earnings
BA -0.5%
BABA +1.7%
BAC -0.9%
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BB -3.2%, WSB hysteria fading
BCS -1.3%, weak UK financials
BX +2.4%
CCL -1.2%
DAL +0.9%, Raymond James ‘strong buy $58s’
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GDX +0.3%
GM -1.3%
GME -5.3%, WSB hysteria still fading
JPM -0.8%
MRO -1.2%
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MS -1.1%, EPS $1.85 vs 1.66est. Rev’ y/y +10.0% to $14.8bn vs 14.0est.
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NEM +0.6%
NFLX +1.9%, launching a push into the video game industry
OXY -1.4%
SLB -1.0%
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SPCE -3.9%, continuing toward the Earth’s core.
TSLA +0.3%
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TSM -2.9%, EPS NT$5.18 vs 5.24est. Rev’ y/y +19.8% to NT$372bn inline. Company expects chip supplies to remain tight into 2022.
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TLT +0.6%, yields cooling back
TLRY -1.3%
UAL -0.4%
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VIX +7% in the 17s
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X -0.4%
XOM -0.9%
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Overnight markets
Asian markets were very mixed, whilst European markets are broadly lower…
Japan: -1.1% at 28279
China: +1.0% at 3664
Germany: currently -1.1% at 15620
UK: currently -0.8% at 7035
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Have a good Thursday