Good morning. US equity futures are moderately higher, SPX +29pts, we’re set to open at 4996. USD is +0.05% at DXY 106.04. The precious metals are very significantly lower, Gold -$39 (printing $2355), with Silver -3.8% (printing $27.55). WTIC is -0.5% in the $81s (printing $80.70).
sp’60min
Summary
Last week ended on a broadly weak note, with the SPX printing a new cycle low of 4953. S/t momentum settled on the moderately low side.
Overnight futures have been leaning on the positive side, helped by most other world markets, we’re set to open +25/30pts. S/t momentum will be prone to turning positive by 11am.
A bounce to the upper hourly bollinger – currently 5062 (if declining) appears realistic early Tuesday, before resuming lower. I’d keep in mind the bigger weekly charts are still going to be increasingly negative, and will be a restraint on all bounces into early May.
Yours truly will endeavour to remain patient in Gold and especially Oil.
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Early movers
AAPL +0.5%
AEM -3.3%, earnings due Thurs’ AH
AG -5.2%, lower silver
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AMD +1.0%
AMZN +0.9%, MoffettNathanson, buy, 228>230
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BOH -2.8%, EPS 87cents vs 88est. Rev’ $252M
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CCL +0.8%
CLF +0.8%, earnings due Tues’ AH
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COIN +2.7%
Bitcoin is currently +1.5% at $65952. Daily momentum due to turn positive on Wednesday.
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CRM +3.2%, Jefferies, buy, 350>360
DJT -4.3%
GOLD -2.9%, lower gold
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LI -7.4%, in sympathy with TSLA
MARA +4.7%
MU +1.1%
NEM -2.1%, earnings due early Thurs’
NIO -1.6%, in sympathy with TSLA
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NVDA +1.9%
OXY -0.5%
PAAS -5.0%
SMCI +0.1%, very weak dead cat bounce.
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SPOT +1.0%, Morgan Stanley, overweight, 270>350
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TFC -2.4%, EPS 90cents vs 80est. Rev’ $4.9bn vs 5.7est. Truist struggling on higher deposit costs, and weak loan growth.
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TLT -0.6%, as yields climb
TSLA -3.5%, Tesla cuts prices.
TSM -1.4%
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VZ +2.6%, EPS $1.15 vs 1.12est. Rev’ y/y +0.3% to $33.0bn vs 33.2est. Guidance inline.
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Overnight markets
Asian markets were mixed, whilst European markets are broadly higher…
Japan: +1.0% to 37438
China: -0.7% to 3044
Germany: currently +0.5% at 17830
UK: currently +1.5% at 8014
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Have a good Monday