Good morning. US equity futures are fractionally higher, SPX +4pts, we’re set to open at 4132. USD is +0.3% at DXY 108.93. The precious metals are leaning weak, Gold -$3, with Silver -0.4%. WTIC is +0.9% in the $94s (printing $95.40).
sp’60min
Summary
Yesterday saw considerable minor chop, if breaking a new cycle low of 4124. Orange gap was effectively filled (2pts shy… but its close enough). S/t momentum ticked upward across the day, settling fractionally negative.
Overnight futures have been subdued, we’re set to open fractionally higher.
The s/t cyclical setup favours the bulls. I’d look for teal and perhaps green gap to fill, before resuming lower into end month/quarter.
Best guess….
The structure and style of price action is supportive of a 5 wave (larger 2).
A marginal higher high just ahead of the Labor day holiday appears prime, before powerful downside ahead of the midterms. More on this in AH.
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Early movers
AAPL +0.3%
AMC +1.8%, Apes!
AMD -0.3%
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BBBY +15.5%, Wall. Street. Bets!
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BCS -1.5%, weak UK financials
BHP -1.0%
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BYND -1.5%, Piper Sandler ‘underweight’, 12>9, and I can’t disagree with that, for what is l/t horror.
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CCJ +3.6%
CLF -0.7%
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COIN +0.3%
Bitcoin is -0.6% in the $21000s
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CRM +0.8%, earnings due in AH
DB -1.6%, weak European financials
DVN +1.4%
EAT -6.8%, post earnings depression
EQT +1.9%
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FCX -1.4%, with copper -5cents to $3.64
GDX -0.5%
INTU +5.7%, post earnings gains
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JWN -13.0%, post earnings horror
LNG +1.0%
M -1.2%, in sympathy with Nordstrom
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NVDA -0.2%, earnings due in AH
OXY +1.6%
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RIG +1.1%
RIO -2.9%
SBLK -5.5%
TLT +0.3%, as yields cool
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TOL -2.5%, post earnings cooling
TSLA +0.6%
TWTR -0.4%, Rosenblatt, buy>neutral, 52>37
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UEC +3.5%
UNG +0.7%, with Natgas $9.37
URBN -2.2%, post earnings cooling
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VIX -0.3% in the 24s
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WOOF -7.0%, post earnings depression
X -0.9%
XOM +0.4%
ZM +0.5%, ARKK bought 839k shares worth $68M. Sheer… lunacy!
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Overnight markets
Asian markets were broadly lower, whilst European markets are leaning weak…
Japan: -0.5% at 28313
China: -1.9% at 3215
Germany: currently -0.1% at 13186
UK: currently -0.4% at 7457
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Have a good Wednesday