Per last evening's look at the short-term S&P 500 setup (video featured below), a relief rally is certainly in the cards right here. As I type, equity market futures are confirming that notion. Whether or not it sticks, well... of course that remains to be seen.
So, while, again, there's reason to expect a very near-term rally right here, amid a very bearish look to the longer-term charts, the only thing I can absolutely assure you of for the time being is some serious stock market volatility...
I'll jump to the numbers right here and leave you to take in this week's economic update and brief market snapshot featured below...Have a great weekend!
Asian equities leaned green overnight, with 9 of the 16 markets we track closing higher.
Same for Europe so far this morning, with 16 of the 19 bourses we follow trading up as I type.
US stocks are rallying to start the session: Dow up 274 points points (0.86%), SP500 up 1.06%, SP500 Equal Weight up 1.32%, Nasdaq 100 up 1.51%, Nasdaq Comp up 1.89%, Russell 2000 up 2.18%.
The VIX sits at 30.12, down 5.19%.
Oil futures are up 2.63%, gold's down 1.13%, silver's down 0.35%, copper futures are down 0.50% and the ag complex (DBA) is down 0.27%.
The 10-year treasury is down (yield up) and the dollar is up 0.02%.
Among our 37 core positions (excluding cash and short-term bond ETF), 30 -- led by uranium miners, solar stocks, MP Materials, oil services companies and ALB -- are in the green so far this morning. The losers are being led lower by gold, treasury bonds, base metals futures, silver and carbon credits.
Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust: