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Sharp gains in Europe, Asia: Today should bring about counter-trend Sells for US Equities

Wed showing sharp gains in Asia and 0.50% upside in Europe which is largely playing catchup to yesterday's US finish in stocks.. US futures meanwhile mildly negative and very stretched here, showing mild negative divergence on intra-day charts as momentum is no longer able to catch up to price-   Dollar fractionally positive while Rates have pushed up again for the 5th straight day, and today's CPI data will be important for 10yr yields and to justify a rate hike next month as the market thus far is only pricing in 34% chances-   Technically stocks are quite overbought at current levels and from a trading perspective, I favor a short bias here thinking that upside is limited and S&P should begin to consolidate some of these gains-  Demark indicators have appeared on daily and intra-day charts of many US indices and sectors while also appearing on Emerging markets ETF- EEM and also as BUYS on the VIX as of today-  So upside does look limited technically until markets can alleviate some of the recent overbought conditions.. First support lies down at 2328, then 2325, with a move UNDER 2319 in FUTURES serving as catalyst for the start of this decline technically down to 2300 and below-  For now, all eyes on CPI data at 830- Premkt movers thus far : SODA, LPTH, GRPN, SEDG, RH, HUN, SIRI, ANGI, TWTR, OLED, AAL, LUV, DAL, A all higher, while on the downside- FOSL, PLAB, LC, HOLI, GOGL-  Let me know if you have any questions