Good morning. US equity futures are moderately higher, SPX +15pts, we’re set to open at 4288. USD is +0.2% at DXY 106.12. The precious metals are leaning weak, Gold -$7 (printing $1910), with Silver -0.4%. WTIC is +1.1% in the $91s.
sp’60min
Summary
Yesterday opened weak, with the market sliding across the day, breaking another lower low of 4265. S/t momentum settled marginally negative.
Overnight futures have been leaning on the positive side, we’re set to open +15/20pts, for what is arguably just a technical bounce.
I’d note upside purple gap – starting from 4312, and the most recent lower high of 4338.
*without going over yesterday’s AH post, on ‘my plan’, suffice to note…
I’d like to re-short via the 15min cycle… if only small size, and NOT a crash position. For the latter, I’d like to see a daily close under the 200dma.
If I do re-short this morning, and the market ends anywhere <4240, I’d start to seriously wonder if the 200dma will be settled under on Thursday.
For now… I’ll remain cautious. I might be inclined to highlight some crazy s/t SPY PUT prices across the day, if only as a reminder to myself, that they can fall… even as the market falls.
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Early movers
AAPL +0.5%
CCJ +0.9%
CCL +1.2%
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COIN +2.2%
Bitcoin is +1.8% at $26186. Momentum still prone to turning negative.
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COST -1.6%, earnings were broadly good
DIS +0.5%
F +0.7%
FCX +0.3%, with copper -1cent to $3.63
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GOLD -0.3%
MRNA +0.5%
MU +0.8%, earnings due in AH
NEM -0.5%
NKE +0.7%, earnings due Thurs’ AH
NVDA +0.6%
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OXY +1.3%
RIG +1.1%, $325M corp’ debt offering (8.0%, 2028)
SLB +1.0%
TGT -0.2%, closing 9 stores due to the zombie hoards
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TLT +0.8%, as yields cool
TSLA +0.8%
UAL +0.3%
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UBS -3.6%, The DoJ probes UBS/CS on possible breach of Russian sanctions.
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UEC +1.5%
UNG +2.1%, with Natgas $2.90
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VIX -4% in the 18s
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X +0.6%
XOM +1.0%
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Overnight markets
Asian markets were a little higher, whilst European markets are a little lower…
Japan: +0.2% to 32371
China: +0.2% to 3107
Germany: currently -0.1% at 15237
UK: currently -0.2% at 7610
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Have a good Wednesday