Good morning. US equity futures are moderately higher, SPX +24pts, we’re set to open at 4482. USD is +0.3% in the DXY 92.88s. The precious metals are a little mixed, Gold +$1, with Silver -0.5%. WTIC is +1.0% in the $70s (printing $70.78).
sp’60min
Summary
Last week ended on a somewhat ugly note, but broadly… it was merely day’5 of a cooling wave from a historic high. S/t momentum ticked lower into the close, settling on the low side.
Overnight futures have been increasingly leaning on the positive side, helped by other world markets. We’re set to open moderately higher. First resistance is the 10MA at 4489… although that will drop/adjust at the open.
WTIC: the break above psy’ $70 is significant, what will matter is whether it holds. If it does, it will bode well for the main market.
R2K/IWM: a key index to be mindful of. A bullish breakout remains increasingly overdue. If we see one, the bears can drop the notion of a correction for some months, never mind the crazy background ‘crash talk’.
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Early movers
AA +1.7%
AAPL +0.7%
ABNB -1.3%
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AMC +3.0%, WSB buying, with hopes of an increasing return to the Cinema. Disney said it’s remaining films of the year will be exclusively released to theaters, at least for 45 days.
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BABA -1.5%, regulatory outlook concerns
BAC +0.6%
CCJ +4.8% in the mid $25s. Next resistance… $35s.
CCL +1.5%
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COIN -0.6%
Bitcoin -2.7% in the $44000s. Cyclically low, and the setup still leans bullish into late Sept’/early Oct’
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DIS +0.5%
F +0.8%
FCX +1.1%, with copper -2cents to $4.43
GDX +0.7%
GOLD +0.3%
MGM +1.4%, hopes for the casinos/resorts
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MRO +1.6%
MRNA +1.1%, vaccine chatter
MU +1.1%
NKE -0.9%, BTIG downgrade on supply side concerns
NVAX +2.0%
NVDA +0.8%
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ORCL +0.2%, earnings due in AH. Options market expecting +/- move of around 6.5%
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OXY +1.6%, helped with oil $70s
RIG +1.7%
SLB +1.1%
SPCE -3.4%, another flight delay
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TSLA +0.6%
TLT +0.5%, higher bonds as yields cool
TWTR -0.5%
UAL +1.0%
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VIX -7% in the 19s
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X +1.1%
XOM +0.8%
ZM +0.4%, still floor building
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Overnight markets
Asian markets were a little higher, whilst European markets are broadly higher…
Japan: +0.2% at 30447
China: +0.3% at 3715
Germany: currently +1.0% at 15773
UK: currently +0.8% at 7086
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Have a good Monday