Futures are moderately higher ahead of the open following the latest vol smackdown and a legal decision that went in Google’s favor, sending GOOG 6% higher.
continued for members…
ES and SPX almost reached their SMA50s yesterday…
…before VIX reversed sharply at its SMA200.
More important than those SMA50s, perhaps, was DJI’s backtest of its previous highs. Recall that it’s struggled to top 45,000 ever since last December. It finally broke through on the 22nd, spiking 1,000 points on Powell’s Jackson Hole comments. Yesterday, it backtested the previous highs. We should remember that Trump reveres the index, though most professional money managers ignore it.
The DXY is holding its ground after yesterday’s nice rally.
This is intriguing, as GC and SI have had very strong runs lately, with GC surpassing important overhead resistance and SI reaching our 41.65 target.
CL and RB have both given back a bit of yesterday’s gains…
…as has TNX.
The market just opened, showing quite a few more losers than gainers. This doesn’t bode well for yesterday’s bounce.
We’ll get a lot of employment data over the next two days.
Stay tuned…