U.S. stock futures are mixed Tuesday morning, with the S&P 500 and Dow modestly higher, while Nasdaq futures are relatively flat. Gold and oil are slightly lower, with natural gas showing greater weakness.
Stocks are attempting to stabilize following last week’s deterioration in daily cycle structure. Friday’s close below the lower daily cycle band ended the daily uptrend and signaled an intermediate cycle decline. Monday’s rebound was encouraging, but additional price confirmation is needed to determine whether stocks can sustain a recovery.
Meanwhile, BTC continues to consolidate between its 10 day MA and 50 day MA following a potential day 30 daily cycle low. A close above the 10 day MA remains necessary to confirm the DCL.
What to watch: Whether stocks can build on Monday’s rebound and whether BTC can resolve its consolidation with a confirmed close above the 10 day MA.
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