Trend still very much NEUTRAL and LOCKED in consolidation in the short run, with barely any net change in S&P, nor European indices over the last 7-8 trading days, and ample evidence of resistance when looking at MID, SML indices, CCMP, BWORLD, all up against important levels- Signs of Yen rallying ahead of BOJ meeting, which likely should prove to be a selling oppty technically in 2 days while Treasury yields also attempting to back off , but mostly in Germany, while in US, still very range-bound here also in yields, not unlike the Equity mkts- Crude falling today further, down UNDER the 50% retracement of its Jan-June rally and support for Crude under 42.75 on a close lies down near 40.40 into next week to buy dips. For now, on a down close today, would be premature, but Energy sector continuing to underperform on this weakness, and I don't see anything changing today based on this- Overall, important to trade the range until this has been broken, but the sideways action is going a long ways towards alleviating much of the recent overbought conditions, so no saying this trend shouldn't resolve itself on the upside.. and RARE for indices to grind sideways for 7-8 days with no net change after a steep runup and then turn down- Often this can result in one additional push higher- Key for today for S&P lies similar to last few days.. 2171 on the upside and then 2178-80 , while 2162-3 is pivot and then 2154 support, then 2146-7- Key movers for today: EXAS, SGY, CRY, TXN, MAS, LVS, NFLX, EVER while on the downside- GILD, FCX, UA, NDLS, MCD, CAKE- Let me know if you have questions
Bloomberg World index not unlike what's being seen in the Midcap index, Small cap index, and NASDAQ Composite, all near former highs and now SITTING for the last 7-10 sessions, consolidating recent gains. Certainly not a sell signal per se, but the ramping up in bullish sentiment IS a bigger concern, though arguably not at TOO optimistic levels and still room to grow there.
Yield curve flattening as 2-year ripping higher ahead of FOMC, while most of the global bond yields have stalled out and in the case of German bunds have pulled back a bit