Morning Futures

Basically we are where I expected we'd be last Friday as posted last night, this is Friday's Market Report in to the close...

"My initial impressions are for some sort of consolidation Monday, perhaps just early in the day. The consolidation can be through time or price. I don't think it will last long and if there are well set up call positions, they should be at their best Monday. The reason I don't think a consolidation will last long is because the charts to support a longer consolidation aren't there, the process is mature."

And here's the SPY gapping down, but right in the consolidation zone

Take a close look at the bid/ask in red, I drew a green arrow to show the consolidation zone even after the gap down.

We usually still have a head fake move, but that may have been the Friday lows.

There's some evidence for some strengthening here to hold things roughly "in place", but this is early Russell Futures pre-market.

5 min R2K futures positive at the overnight lows.

Other Index futures are in line. Treasuries are pretty close to inline with some slight 1 min softness in the 10-year.

Gold and Silver Futures are confirming their gains, gold has a slight touch of weakness and silver is nearly perfectly in line, but I would not say gold looks weak.

Crude is getting knocked around pretty hard and I still se NO REASON that the USD/JPY will not head higher, the 15 min charts are perfect on futures so that may start later today which would be a change (positive) for the market.