Good morning. US equity futures are moderately higher, SPX +22pts, we’re set to open at 4478. USD is +0.1% at DXY 98.77. The precious metals are fractionally lower, Gold -$1, with Silver -0.1%. WTIC is +0.2% in the $114s (printing $116.64).
sp’60min
Summary
Yesterday opened weak, saw a failed bounce, ending significantly lower. S/t momentum ticked lower across the day, settling on the very low side.
Overnight futures have been pretty subdued, if leaning on the upward side. We’re currently set to open moderately higher. First resistance is the hourly 10MA at 4487, and declining each hour.
I’d keep in mind the bigger daily cycles rolled over yesterday, as we have a provisional multi-week high of 4522. Bullish >4500, bearish <4400, with everything in between a conflicted mess.
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Early movers
AA -2.0%, Morgan Stanley downgrade Alcoa overweight>equalweight, but their target is still $100, some 8% higher.
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AAPL +0.8%
AMC -2.9%, Wall… Street… Bets
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ARKK +1.3%
AMZN +0.4%, another day… another box
BA +0.6%
BAC +0.9%
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CLF +1.6%, JPM maintain ‘overweight’, 37>44, and I can agree with that.
The recent break >26s was decisive, with next resistance 39/40.
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COIN +1.5%
Bitcoin is +0.2% in the $43000s. Bulls need >46k for confidence, and that looks overly difficult.
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DVN +0.9%, as highlighted last night, m/t super strong
FB +0.9%
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FCX +0.1%, with copper +2cents to $4.79. Jefferies 58>65, on higher copper prices.
Yours truly is mid/long term bullish to psy’$100, not least with copper breaking >$5.00 recently.
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FSM -2.4%, earnings (Wed’ AH): 5cents vs 10 prior yr. Sales $199M vs 103M prior yr year. The problem remains subdued silver prices.
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GDX -0.2%
GME -4.9%, Wall… Street… Bets.
KBH -4.0%, post earnings depression
MOMO -9.0%, post earnings upset
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NFLX +0.9%. There is considerable background chatter about rising prices, and a push for two factor authentication, to prevent password sharing.
I would agree with many of the posters, Netflix is more likely to see a net loss from such a policy, with frustrated customers hitting the unsubscribe button!
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NIO +2.5%, earnings due in AH
NKLA +18.0%, Nikola has reportedly actually started manufacturing trucks.
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OXY +0.7%
SLB +0.7%
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SPOT +3.9%, as Google is letting Spotify use its payment system
The stock remains m/t horror, having been cut in half since Nov’2021. I have to wonder if Rogan will still get kicked, and eventually find his way to Rumble.com (CFVI)
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TLT -1.3%, as yields rebound
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TSLA +1.5%
Yesterday printed $1040, but the sellers appeared, with a rather spiky daily candle. If today can remain <1040, it bodes bearish into April.
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UAL +0.7%, any further increase in oil/fuel prices will really hurt the airlines and broader transport sector.
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VIX -1% in the 23s
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X +0.7%, JPM maintains ‘underweight’, 30>33.
XOM +0.8%
ZM +0.9%, but still m/t horror
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Overnight markets
Asian and European markets are both a little mixed…
Japan: +0.2% at 28110
China: -0.6% at 3250
Germany: currently -0.3% at 14236
UK: currently +0.1% at 7466
Russia… has opened for the first time in a month, currently -8.9% at 853. Price action is a skewed mess though, with talk the Govt’ (or its agents) will be buying stocks.
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Have a good Thursday