Good morning. US equity futures are moderately lower, SPX -18pts, we’re set to open at 4493. USD is +0.2% at DXY 98.68. The precious metals are broadly higher, Gold +$10 (printing $1934), with Silver +1.1%. WTIC is +2.1% in the $112s.
sp’60min
Summary
Yesterday ended on a distinctly positive note, with the SPX printing a new bounce high of 4522. S/t momentum still settled fractionally negative.
Wave counters could count 5 waves from March 14th. Supporting that notion is the RSI, where we have a clear divergence.
We’ve seven trading days left of March. Bullish >4500… bearish <4400. Everything in between is a conflicted mess.
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Early movers
ACB +7.3%, buying ‘Terrafarma’ for $38M
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ADBE -3.0%, earnings (Tues’ AH): EPS $3.37 vs 3.34est. Rev’ y/y +9.1% to $4.3bn vs 4.2est. Guidance a little weak… but broadly… fine.
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AG +1.6%, higher silver
AMC +6%, Wall… Street… Bets.
AMD -0.5%
BABA +1.3%, positive Asian markets
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CCJ +0.7%, Uranium stocks are still hot
CCL -1.2%, Citi 23>23
CLF -0.5%
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COIN -0.9%
Bitcoin is -0.9% in the $41000s
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FB -0.6%
FCX +0.2%, with copper +3cents to $4.73
GDX +1.0%
GME +12%, Wall… Street… Bets.
GOLD +0.7%
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HAL +1.2%
KMI +0.6%
LMT +0.5%, war is good for business
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MOS +1.5%, CIBC 48>67
Mosaic remains mid/long term super strong, as fertiliser prices are soaring.
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MSFT -0.6%
NEM +0.4%
NFLX -0.8%
NKE -0.2%, as yesterday’s black candle is set to play out.
NVDA -0.9%
OXY +2.6%
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PYPL -1.0%
Still m/t bearish, with a series of lower highs and lower lows.
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SQ -1.7%
RIG +1.6%
RIVN -1.1%, still m/t horror
SLB +1.1%
TLRY +9.7%, on news of Aurora buying Terrafarma
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TLT +0.1%, as yields fractionally cooler
TSLA -1.0%
UAL -0.7%
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VIX +4% in the 23s
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WGO -2.7%, post earnings cooling
X -0.8%
XOM +0.9%
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Overnight markets
Its very mixed out there…
Japan: +3.0% at 28040
China: +0.3% at 3271
Germany: currently -0.4% at 14413
UK: currently +0.3% at 7502
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Have a good Wednesday