Good morning. US equity futures are moderately higher, SPX +10pts, we’re set to open at 3704. USD is u/c in the DXY 89.95s. The precious metals are leaning weak, Gold -$1, with Silver -1.2%. WTIC is -0.7% in the $47s.
sp’60min
Summary
Yesterday opened on a very weak note, but we saw a strong rebound from 3636>3702, if settling moderately lower. S/t momentum ticked upward into the late afternoon, and remains marginally negative.
Overnight futures have been choppy, SPX was -23pts at the low, but we’re currently set to open on a moderately positive note, helped by European markets. S/t momentum will be prone to turning positive by late morning.
Major resistance within 3709/12, which should hold for the rest of this week. Price structure is offering a H/S formation (in theory, yesterday saw the right side of the head).
Background chatter on the lockdowns isn’t pretty, and will be a drag on the market into the Christmas break. Hell, is Santa on lockdown?
*in addition to the SPX itself, a fair number of stocks settled with reversal candles yesterday, and they are set to play out.
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Early movers
AAPL +3.1%, chatter on making cars
ABNB +2.6%
AMD +0.4%
ATVI +0.6%, Morgan Stanley ‘overweight’, 100>108
BA +0.5%
BAC +0.3%
BIDU +2.3%
CCL +0.4%, shippers bouncing
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CRSR +1.3%
DIS -0.3%
FIT -6.1%, Australian regulator issues with Google/Fitbit deal
GDX -0.4%
GILD -0.4%, Citi 75>72
GME +2.4%
INTC +0.5%
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KMX -2.0%, EPS $1.42 vs 1.12est. Rev’ y/y -12.1% to $4.2bn vs 5.0est. The market is annoyed with the latter.
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MSFT +0.3%
MT +1.7%, new electic arc plant to build within the US
NIO +1.5%
NKLA -1.2%, still battling to hold the critical $16s
PLTR +3.2%, s/t speculative chasers
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PTON +9.3%, buying Precor for $420M, Wedbush 130>160
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SNOW +1.5%
SPCE +2.1%
SQ +1.4%
TDOC +1.1%, Evercore $215
TSLA +0.8%
TWTR +0.4%
UAL +0.2%
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VIX -3% in the 24s
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X +0.7%
XOM -0.3%
ZM +0.6%
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Overnight markets
Asian markets ‘caught down’ to US/European Monday declines, whilst European markets are catching a bounce…
Japan: -1.0% at 26436
China: -1.9% at 3356
Germany: currently +1.1% at 13390
UK: currently +0.3% at 6435
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Have a good Tuesday