Please enable javascript in your browser to view this site!

Tough spot for Equities as trading range continues ahead of FOMC, Election

Near-term technical patterns on US indices remain Down from 10/25 but unchanged from levels hit 3 months ago.. This am's minor bounce peaked out near 3am and is down about 5 handles in the last 5 hours, with 2119 being an important area which if breached, would allow for a test and break below 2113- Conversely on the upside.. 2130 was an important area for both yesterday afternoon and early today, so this is the key area to watch on the upside.  Meanwhile, most of Europe is mixed this am while the US Dollar is lower and Gold higher by $15 this am, or over 1.2% as Chines manufacturing data came in much stronger than expected, so most of the Industrial metals have shown sharp gains and Precious metals are following suit  (Copper this am hitting new 3 month highs on a close while Zinc nearing near 5 yr highs)  Meanwhile most of Treasuries are weakening again and yields remain fractionally higher , with 10yr yields up at 1.845-  Overall tough to see much volatility potentially ahead of the FOMC results or non results and the US election given that indices have been rangebound for so long but the direction should be to the downside post Election at least for a 3-5% pullback given how low most breadth indicators have fallen along with A/D lines plummeting to lowest since early August-   For today.. key for S&P Futures lies at 2119 and 2130 and breaks of either will lead to folllowthrough-  Early movers today in ADM, IM, TWLO, PBF higher, while LB down-   Let me know if you have any questions