Good morning. US equity futures are fractionally higher (ahead of CPI), SPX +6pts, we’re set to open at 4719. USD is -0.01% at DXY 95.62. The precious metals are leaning weak, Gold -$6, with Silver -0.2%. WTIC is +0.2% in the $81s (printing $81.99).
sp’60min
Summary
Yesterday opened a little messy, but the market battled upward to settle broadly higher. S/t momentum ticked higher across the day, settling on the very high side.
The CPI data is due 8.30am, and it will likely determine how the rest of the week trades.
If we do open higher… first resistance is the upper hourly bollinger, currently at 4735. The s/t cyclical setup favours some degree of cooling wave between now and the weekend.
If instead we open lower, soft target is red gap… still to be fully filled.
In either case, yours truly is sitting back… and waiting. Energy stocks are especially over-stretched, and I’ve zero interest in chasing higher at this time/price.
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Early movers
AMD +0.5%
BABA +3.3%
BAC +0.3%
BIIB -9.1%, Medicare rule change on Alzheimers drug
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CF +1.1%, UOA yesterday, Citi 69>86
CLF +0.9%
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COIN +1.1%
Bitcoin is +1.0% in the $43000s. Things only turn interesting >53k
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DASH +2.3%, Evercore ‘outperform $256’
FCX +2.8%, with copper +12cents to $4.56
GOLD -0.3%
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LAC +2.0%, bullish lithium
LLY -3.8%
NEM -0.5%
OXY +0.4%
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PYPL -2.2%, Jefferies, buy>hold, 255>200
SLB -0.3%
SNOW +2.3%, Barclays equal-weight>overweight
SQ +1.8%, new delivery service
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TLT -0.1%… yields a touch higher ahead of CPI
UNG +5.5%, with Nat gas +22cents to $4.49
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VIX -0.5% in the 18s.
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WFC +1.0%, Piper Sandler neutral>overweight, 50>64
X +1.1%
XOM +0.2%
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Overnight markets
Asian markets were broadly higher, whilst European markets are moderately higher…
Japan: +1.9% at 28765
China: +0.8% at 3597
Germany: currently +0.3% at 15594
UK: currently +0.6% at 7539
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Have a good Wednesday