Pre-Market Brief

Good morning. Futures are a little lower, the sp -3pts, we're set to open @ 1458. The $ is a little higher..as are the metals. Q4 earnings start today, with Alcoa at the close of trading.  The market could easily use this as an excuse to sell down..if only 2%.


sp'60min'4 - retracement

sp'daily5

Summary

The underlying MACD (blue bar histogram) hourly cycle is suggestive we'll generally crawl higher, although there is only low confidence in that outlook.

Note that the daily cycle is yet to conclusively rollover yet.
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In general, I'm looking  - as many seem to be, for a retracement, at least down to sp'1445/40, possible 1425, by the end of this week.

Depending upon the price action today, I may take a brief re-short, seeking that move from 1460/65, down to 1440/25.

Good wishes for Tuesday!