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Europe turns lower while DXY breaks out, but minimal US Weakness

Will be on CNBC today 3:30-3:40-     Technically, Trend has been VERY range-bound and FLAT in US with barely any net change in the last week as part of the bullish rise since late June.  While Europe experiencing biggest loss in 2 weeks with Commodity producers being hit hard (Rio, Akzo(chems)) we haven't seen sufficient weakness in the US to argue for an imminent drawdown-  S&P would require a move down UNDER 2139-42 for Sept futures on a CLOSE to suggest that a pullback was underway.

S&P needs to get UNDER 2139-42 area to argue for any real drawdown.  For now, S&P in much better shape than much of the developed and emerging world equity markets

Biggest pullback in nearly 2 weeks for Europe, but UNTIL 2895 is breached, tough to make the case for any real weakness in SX5E and Europe in general.. so next few days will be key

Dollar experiencing gains vs both Aussie $ and Kiwi today while rising also vs Yen, Pound Sterling, and Euro.  This Dollar move is quite bullish when looking at DXY (63%+ v Euro) and should help DXY extend along with providing support for Growth vs Value stocks, as this ratio looks to be bottoming out for the first time this year-

Most commodities not showing much downside here though as Crude, Gold, both marginally higher and Zinc extending gains to highest levels in more than a year-  This am's earnings mostly positive with regard to bottom line, as GS, KSU, LMT, MGIC, CMA all surprise by 10%+ while UNH, RF, JNJ, AMTD have beaten by single digits-   PM, and GWW missed-   Premkt gainers today: HDSN, CERU, VMW, PLUG, ZIOP, MTG, IONS, and JNJ while on downside:  ABCO, ASTE, GES, MIK and SAVE-   Early resistance for S&P at 2163-5, then 2169-70, and 2183-5 being an area to short into if reached.   On the downside- 2154-5 impt (here) then 2148, and 2139-42-  Use dips today to still buy, as support has not been broken , and odds still likely that TNX, JPY, S&P have a bit more upside over next few days until any peak is in place