U.S. stock futures are modestly higher this morning following Thursday’s rebound from support. The S&P found buyers near its 50-day MA, but remains below its 10-day MA. Friday is the earliest a Daily swing low could form, opening the possibility of a recovery that continues the existing Daily Cycle.
Elsewhere, the Dollar’s close below its 10-day MA signaled a Daily Cycle decline, while Gold’s recovery above its 10-day MA points toward a developing DCL. Bonds are also gaining traction following their confirmed Daily Cycle Low.
Today’s focus is whether stocks can build on Thursday’s support, with the 10-day MA and 7800 resistance providing the next tests. The Dollar/Gold relationship also deserves attention as we approach the weekly close.
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