Retail Sales: -0.2% vs -0.2% expected - so, market will be able to tolerate that as 'okay'.
Target for today is sp'1335/40 by the close, which will open up the target zone of 1350s by late tomorrow.
Sp'60min
Summary
We have a very nice bull flag (pink) on the hourly index charts, we are due to go positive MACD cycle (see blue bar histogram) this morning, so..underlying market pressure is UP.
I remain a watcher from the sidelines. The move from 1266 to where we are now is significant enough to qualify as a very straightforward wave'2. A fair number of chartists out there are suggesting this wave'2 will last into mid July..or even August. I can only assume they are then assuming new index highs..in which case they are suggesting the monthly cycles are going to reverse their present downward trend.
I can't imagine that, quite the contrary in fact. The monthly cycles are saying '1350'...no further.
sp, monthly, simple version
As for Mr Dimon...I can't even imagine how anyone in the US Govt' has the guile to have called him to explain himself. So much for 'private business'.
Good wishes for Wednesday trading