Wednesday 5 June 2013

Pre-Market Brief

Good morning. Futures are sp -4pts, we're set to open around 1628, a mere 6pts above the key low. Equity bulls have a real problem if the market breaks 1622, that opens a further fall down to 1600/1597 gap zone. USD is lower, with metals and Oil moderately higher.


sp'60min



vix'60min


Summary

Well, this is not the type of open the bulls were looking for. We are going to open real close to key support, and it sure won't take much to break it.

ADP jobs data came in significantly lower than expected, 135k vs 171 exp.

There is an array of other data due this morning, so, market will plenty of reason to move.
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*I am heavy long, and seeking an exit in the sp'1650s, but that sure looks off the table for today. In fact, even a close in the 1640s now looks difficult.

As it is, the hourly index/VIX charts do suggest the bulls still have the upper hand, but they need to clear the triangle resistance, which by the end of today will be @ 1640.

A long day ahead.
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