Pre-Market Brief

Good morning. Futures are moderately higher, sp +5pts, we're set to open at 2001. Metals are a touch weak, Gold -$4, whilst Oil is +0.3%. Equity bulls look set to close higher for the fourth consecutive week.


sp'daily5

Summary

*awaiting a trio of econ-data, most notably, Chicago PMI @ 9.45am.
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So..we're set to open back in the 2000s. Whether the bull maniacs can attain a weekly/monthly close in the 2000s, it is not really important...would merely be a bonus.

Once this mornings econ-data is out of the way, it will likely be a very quiet day..leading into a 3 day holiday weekend.

There are of course end-month trading issues, with (I believe) some degree of rebalancing.
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9.15am.. Notable early strength: TSLA +2%

9.34am.. Upper bollinger on the daily is now up to 2024..... so..we could easily be in the 2020s next week.


9.45am.. PMI: 64.3 vs 56.4 exp' .. a hugely bullish number... best since May.

Minor churn into end month

US equities continued to see subdued trading conditions ahead of the long holiday weekend. All US indexes are set for powerful net monthly gains, and with bullish engulfing candles all over the place, the outlook for September is for further upside of another 1-3%.


sp'weekly8

sp'monthly

Summary

Barring some bizarre Friday decline of 25/30pts, the weekly 'rainbow' chart is set to conclude the week with a second consecutive green candle.

Far more important though, the monthly charts are set to close with very powerful net monthly gains of 3-5%.


Looking ahead

There is a trio of econ-data to wrap up the week... Pers' income/outlays, Chicago PMI, and consumer sentiment. Those should give the market the excuse it needs to either wash out the weaker bulls in another minor down wave to the 1985/80 zone... or just gap right back into the 2000s.

Regardless of any minor moves tomorrow, net week looks set for new highs, into the sp'2010/20s.

*the next QE schedule will be issued tomorrow afternoon at 3pm.
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Goodnight from London

Daily Index Cycle update

US indexes saw minor weak chop across the day, sp -3pts @ 1996. The two leaders - Trans/R2K, settled lower by -0.3% and -0.6% respectively. Near term outlook offers 1985/80 for the bears (at best), but with broader upside across September.


sp'daily5

NYSE Comp'

Summary

Another day closer to a 3 day holiday weekend, and the market is naturally very subdued.

Contrary to what some are saying, whether the sp'500 manages a weekly/monthly close in the 2000s is of no importance. The primary trend remains strongly bullish.

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a little more later...