Monday 4 May 2015

Pre-Market Brief

Good morning. Futures are moderately higher, sp +6pts, we're set to open at 2114. Metals are a little higher, Gold +$3, with Silver +1.0%. With the USD continuing a minor retrace/bounce, +0.2%, Oil is fractionally higher by 0.1%.


sp'60min


sp'dailly5
 

Summary

*awaiting Factory orders data (10am).
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So... the week is set to begin with some gains... as the broader trend remains bullish (if weakening on the monthly MACD cycle).

Equity bulls should be looking for a daily close >sp'2115 today or tomorrow... that will be enough to clarify new highs are due.

On no basis does a break under the 200dma look viable... and the recent low of 2072 should hold... even if the market unravels later this week.
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notable early strength: TWTR +1.4%, but still only in the $38s... and vulnerable to testing the Dec' low of $34s. I sure won't be getting involved in that momo nonsense for some weeks to come.

weakness: MGM -2.9%... related to the post Maypac defeat?

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Update from a typically loud Oscar



I certainly agree with Oscar on the precious metals. Overall price structure remains a very bearish H/S formation, and if Gold loses the Nov' low of $1130, there is open air down to the $1000 threshold this summer.

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Good wishes for the week ahead!