Good morning. US equity futures are leaning weak, SPX -12pts, we’re set to open at 4475. USD is +0.3% at DXY 104.84. The precious metals are broadly lower, Gold -$8 (printing $1933), with Silver -0.8%. WTIC is +0.7% in the $87s (printing $88.18).
sp’60min
Summary
Yesterday saw most indexes settle moderately higher. S/t momentum settled on the high side, offering a provisional cyclical rollover.
Overnight futures have been leaning a little weak.
As of today’s closing hour, the lower end of the bear flag (pink) will be around 4468. So… to be decisive <4465.
Yours truly is resolutely holding short from early Friday (4462). I’d like to see a break <4400 tomorrow, and test 4335 before the weekend.
*typically, the market will floor on the Friday/early Monday, and lean upward into an FOMC. Whether the fed will raise rates next week… is a wild card. I’m guessing they won’t.
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Early movers
AAPL +0.3%, ‘event’ due 1pm ET
AMD -0.5%
AMZN -0.6%
CASY +3.8%, post earnings gains
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COIN +1.8%
Bitcoin is +3.7% at $26088… as we’ve some buyers appearing around psy’ $25K. I’d note the vol’ has been broadly subdued since April, as despite what the pumpers tout… the crypto market is dying.
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FCX -0.7%, with copper -1cent to $3.79
GOLD -0.9%
MSFT -0.5%
NVDA -0.5%
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ORCL -10.4%, earnings (Monday AH): EPS $1.19 vs 1.15est. Rev’ y/y +8.8% to $12.45bn vs 12.48est. Broadly good, but weak guidance.
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OXY +0.7%
PARA +1.1%
SLB +0.4%
TSLA -0.7%
UNG +0.9%, with Natgas $2.62
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VIX +2% in the 14s
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Overnight markets
Asian and European markets were mixed…
Japan: +0.9% to 32776
China: -0.2% to 3137
Germany: currently -0.3% at 15751
UK: currently +0.6% at 7538
Here in the failed state of the UK, the upper tier retailer ‘John Lewis’ is warning about an epidemic in shoplifting…
https://www.bbc.co.uk/news/business-66784250
None of this should be surprising, for a society is cancerous upon itself. Much like the USA, this will only worsen into and across 2024.
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Have a good Tuesday