Seeking the 1980s to end July

US equities have seen a fair bit of chop this month, but overall price action remains the same. Most indexes look set for net monthly gains, which would make for an extremely impressive sixth consecutive monthly gain. August will be offering the sp'2020/30s


sp'monthly

Summary

Despite all the chop.. all the bearish chatter... it is highly notable that the sp'500 is currently 0.5% higher on the month.

The hourly cycles are VERY bullish for Thursday.. and it would not surprise me if the market ends July in the 1980s, which would make for a gain of around 1.25%.


Looking ahead

Thursday will see the usual jobless claims, but more importantly, the Chicago PMI, market is expecting a very non-recessionary 63.

*the QE schedule for August is released at 3pm
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Goodnight from London