Equities green across the globe, outside of Japan, with the surge overnight around 4 am in the Italian Banks helping European Financials, w/ Bund yields spiking back up to 11 bps after having made new lows. US TY Yields following suit, and S&P up to 2049 after having briefly grazing 2032 overnight. DAX higher by more than 1%. WTI mildly lower, while most Metals are higher with minor losses in the US Dollar outside of Copper- Earnings get kicked off after the close with AA and OZRK, while Financials begin mid-week, with most expecting that the worst could be baked in. Overall, trend positive, and despite the waning in momentum, has not suffered sufficient deterioration to expect that weakness should happen just yet-
KEY For S&P FUTS lies at 2052, which if exceeded, should drive prices up to 2071-2 and higher- Downside support lies at 2032-3 then 2020
S&P FUTURES CHARTS SHOWN ON 2 different time frames.. with FLAG formation at play on 15 min basis and then hourly below
S&P has negated much of the bearishness of its hourly formation, which had taken the form of a head and shoulders pattern late last week, but now looking increasingly like a consolidation which should result in upside breakout- 2052 is important and then 2071-2, while 2032 still important on the downside
BUND YIELDS above look to be bottoming after sweeping out new lows and grinding back up to 11 bps- Momentum starting to stabilize as Bund yields attempt to hold former lows
This week's Weekly Technical Perspective covers the Gold mining sector, which saw GDX break back out to new high territory late last week- Additional details found under NEWTON's NOTES under "Weekly"