US equities remain seeing minor chop, but the underlying upward pressure is clearly still an issue. With the weekly cycle now offering sp'1975/80 in the immediate term, equity bears have little to look forward to until at least late July.
sp'monthly
Summary
*for much of today, I think I'll stick to bigger picture weekly/monthly charts. Seems little point in daily/hourly charts.
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Little to add... on what looks set to be a relatively quiet 3.5 day trading week.
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*we get the new QE-pomo schedule for July at 3pm.. something to check later, possible QE tomorrow, Wed, or Thursday.
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US indexes start the shortened week with minor chop. Sp'500 has strong support in the 1945/35 zone, with viable upside to 1975/80 by this Thursday. VIX is higher, but only 3%.. in the 11s. Metals and Oil are both flat.
sp'weekly8b
Summary
*note the upper weekly bollinger has jumped into the mid 1970s.
Certainly, market looks viable for upside melt into the 1975/80 zone by late Thursday.
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Chicago PMI 62.6.... a long long way above the 50 recessionary threshold. For the bulls out there, the PMI is highly suggestive that Q1 was an anomaly...and that Q2 will come in 2-3% growth.
Good morning. Futures are fractionally lower, sp -1pt, we're set to open at 1959. Metals are weak, Gold -$5, with Silver -1.0%. Equity bulls look set to end another month with net gains of around 2% for the sp'500, and a VIX that remains crushed in the 11s.
sp'60min
Summary
*Chicago PMI @ 9.45am.. .that will be one to look out for, with some housing data at 10am.
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So...it is month end, end of Q2..and the first half.
It has unquestionably been another good spell for the bull maniacs, breaking new historic highs on many indexes.
Most notable? Arguably, the VIX, which has repeatedly been knocked into the 10s.
For me, the only issue is whether we'll see VIX 9s before this latest multi-week up cycle is complete. I'd guess... probably, not least if sp'2000 is breached.
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*two more big games today...
France vs Nigeria at 12pm EST
Germany vs Algeria at 4pm
Personally, I want to see both of the 'rias get through, that'd make for a real sporting upset.
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Hunter with econ-doomer .. Martenson
Not surprisingly, it is much of the same doom chatter we've been hearing from Mr M' for a good 4-5 years. Make of that... what you will.
