Good morning. US equity futures are leaning upward, SPX +11pts, we’re set to open at 3944. USD is +0.1% at DXY 105.22. The precious metals are fractionally mixed, Gold +$1, with Silver -0.1%. WTIC is +1.3% in the $73s.
sp’60min
Summary
Yesterday saw considerable minor chop, for what was arguably just bearish consolidation after two significant net daily declines. S/t momentum burnt off a large amount of oversold conditions.
Overnight futures have been subdued, we’re set to open a little higher.
I’d note the upper hourly bollinger, currently 4026, and that will likely have declined to around the 3960s this afternoon. A foray into yellow gap… with the 50dma 3830s appears very probable within 2-4 days.
I’d keep in mind next Friday is quad-opex, and I’d have to expect the market makers to want a pin around 4000. So… 3830s or so, but 4K by end of next week.
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Early movers
AAPL +0.4%
ALB -0.6%
AMC +3.8%, wallstreetbets
AMZN +0.7%
BABA +3.2%
BIDU +3.8%
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CRM -1.1%, Baird ‘neutral’, 200>150. A pretty embarrassingly late downgrade from some of the ‘smart guys’.
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CS -0.3%… still broadly struggling
FCX +1.2%, with copper +2cents to $3.88
GME -0.3%, post earnings chop
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LI +5.3%
LVS +3.8%, China easing C19 mandates
META +1.2%
MOMO +14.1%, post earnings jump
NIO +2.9%
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OXY +1.4%
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RENT +16.2%… post earnings jump for ‘Rent the Runway’, but the stock is -90% or so, for a company that has little hope of l/t survival.
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RIG +4.6%
SHOP -1.8%
SLB +1.0%
TGT +0.5%
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TLT -0.2%, as yields a little higher
TSLA -1.9%, Shanghai hiring issues
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VIX +0.7% in the 22s
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WYNN +3.0%, China easing C19 mandates
X +1.5%
XOM +1.4%, plans to raise spending/investment to $25bn
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Overnight markets
Asian and European markets mostly leaning a little weak…
Japan: -0.4% to 27574
China: -0.1% to 3197
Germany: currently -0.3% at 14212
UK: currently u/c at 7489
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Have a good Thursday