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Minor bounce ahead of FOMC, but Trend lower, & addtl stabilization/strength needed

Empire- June +6.01 vs -4.9 Exp-  PPI up +0.3% v 0.1% exptcd.   for now,  Mild gains ahead of FOMC (Non) decision, but have not exceeded resistance 2082 SPM6, or 2075 SPU6, so trend remains down from 6/8, with four straight down days, and will need to show more stabilization to allow for push back higher- However, downside should prove limited based on Financials and TY YIELDS hitting support which should help these hold and turn back up- along with USDJPY getting down near prior lows ahead of BOJ where monetary stimulus of some amount should also help YEN turn back lower-   For Equities VIX flattening in contango also important as near-term fear catching up to prices.. For today S&P support 2056, 2046-7 while 2074 resist, 2082-3 so getting up above 2082 for SPX, 2075 for SEPT S&P will be important in helping to carve out a low in the next couple days-  Until that happens, initial gains likely sellable ahead of FOMC-   Key movers this am:  AKAO, EXAS PN positive, while SCG, UTHR, ONCE negative-

Short-term bounce ahead of FOMC, but insufficient to call any type of low, and will take additional strength, or more likely, pullback and then stabilization to help momentum start to lift more

Minor bounce in US 10yr yields after a 45 bp drop in TNX over last 2 weeks-  Stabilization in yields and USDJPY are both thought to be key in helping Stocks start to turn back higher