Good morning. US equity futures are fractionally higher, SPX +15pts, we’re set to open at 6553. USD is +0.2% at DXY 100.28. The precious metals are broadly lower, Gold -0.4% (printing a low of $4022), with Silver -2.2% (printing a low of $48.62). WTIC is -0.6% in the low $58s (printing a low of $57.42).
sp’60min
Summary
Yesterday saw a powerful downside reversal from 6770 to 6534, and settling at 6538. S/t momentum settled on the moderately low side.
Overnight futures have been choppy, we’re set to open +15pts or so.
Considering yesterday’s daily bearish engulfing candles, we should expect most things to be red at some point in early morning.
I equally expect an upside reversal, as we’re clearly s/t oversold, and its not bold to guess we settle positive.
Its OPEX… look for a pin around 6550 or 6600 on a stretch. A weekly close <6690 (as appears assured) would make for a decisive bearish weekly settlement, with broader bearish implications for December.
Yours truly is merely looking for an acceptable time/level to short an index. The time is not OPEX, and the 6530s are too low. So… I’ll wait until Monday.
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Early movers
ALB -4.0%
AMD -0.6%
B -0.6%
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BJ +1.6%, EPS $1.16 vs 1.09est. Rev’ y/y +2.4% to $5.22bn vs 5.34est. Marginally positive guidance.
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BMNR -3.3%
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COIN -2.2%
Bitcoin is -5.7% at $81K
Ethereum is -5.8% at $2665
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DEO +3.1%
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GAP +4.6%, earnings (Thurs’ AH), EPS 62cents vs 59est. Rev’ y/y +2.9% to $3.94bn vs 3.91est. Positive guidance.
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GOOGL +0.4%
HMY +1.9%
INTU +3.2%, post earnings gains
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META -0.5%
MSTR -4.0%
MU -0.8%
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NVDA -1.6%
NWG +2.3%, bouncing UK fins
OXY -0.3%
PLTR -0.9%
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ROST +2.3%, earnings (Thurs’ AH), EPS $1.58 vs 1.41est. Rev’ y/y +10.4% to $5.60bn vs 5.41est. Positive guidance
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TSM -1.5%
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VIX +4.3% at 27.56… I would look for the VIX to settle red.
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XPEV -1.9%
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Overnight markets
Asian markets were very significantly lower, whilst European markets are broadly lower…
Japan: -2.4% to 48625
China: -2.4% to 3834
Germany: currently -0.9% at 23069
UK: currently -0.4% at 9487
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Have a good Friday