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Global stocks rising for 5th day- Many indices, ETFs up near resistance

Global stocks rising for a 5th day, having recovered almost 4 trillion in value lost post BREXIT decision-US futs largely flat, while Europe just fractionally higher, along with Asia, though European gains not nearly as much as recent days-  Import Prices this am came in less than expected.. 0.2% vs 0.5% after last months exaggerated gains of 1.4% which were the largest since 2011-  Copper, Steel Rebar, Iron Ore all climbing, along with Gold, while Crude down about 1% while Emerging mkt shares are at an 8 month high-  Most of the attention on German Bund yields which continue to lift, now (0.05) bps, and huge lift from lows near -.20 in last week, while US Treasury yields for now, are backing off , with 10s at 1.47 after recent sharp bounce over 1.50-  TECHNICALLY SPEAKING, there's an increased chance of a stallout given that XLI, XLY both at former all-time highs, while XLV, XLE also right near key June highs and MID, SML index have not yet broken out and lie also near key resistance while momentum has gotten very stretched in the short run.  % of Stocks trading over 10-day MA has begun to wane in recent days after sharp move to 96% and now near 91%, while some evidence of VIX stabilization near former lows after having been cut in half just in the last couple weeks.  For S&P, Pullback could prove brief given the degree of positive breadth and momentum of late and just give back to 2120-30 before turning back up, with resistance at 2152, 2160 and then 2180-5.   Premkt movers: GNC, CASC, IMPR, JUNO, SGY, WLL, MUX, AKS, while on the downside: AIR, AVGR, FANG-  Let me know if you have questions

S&P futures rising back over yesterday's highs while momentum starts to trail off- Upside here could prove limited in the short run after this move.  2152-3 import than 2160-2

Regardless of economic data having improved materially, we've seen a big jump in both Treasury yields and also Copper in the last couple weeks- Here's the 4 hr chart showing this ongoing stabilization and lift in Copper- Above last week's early July highs of 2.245 would be a real positive technically which looks to possibly be happening today after early gains