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Europe's SX5E set to hit highest levels since May; US indices range-bound ahead of Jobs #

Will be on CNBC today, 3:30 pm, live at NYSE-   Minor positive snapback to Futures this am and range still very much intact, both in Stocks and in Bonds with prices nearly unchanged from levels hit back in mid-July- US Dollar index has stalled a bit after recent rally while Gold looks to be nearing support after its pullback in recent days and WTI Crude remains negative-   

All eyes will be on tomorrow's Jobs report, which could cause some volatility on a surprise given the extraordinarily tight range we've seen in the last 2 months- with a much stronger report coinciding with yields and USD jumping further and Financials extending gains.  More likely will be that the report comes in as planned or a disappointment, both which would likely cause a stalling out in the Dollar, pullback and yields to drop back down on the short end.. helping commodities to bounce after the recent breakdown-  Key to note-  Financials have now gotten stretched after their breakout earlier this week, and risk/reward not as attractive short-term, but a bullish longer-term move that's worth mentioning given the trendline breakout- Europe also set to hit the highest DAILY close since May as STOXX 50 extends gains in the near-term and European Banks up to near short-term resistance after a huge surge in the last 2 weeks-   

Seasonally its worth mentioning.. which many have commented on. that the month of September tends to be far less positive for equities than normal the WORST month of the 12 for performance at 0-.5% and even in election years the return is -0.2% for SPX, NASDAQ and -.4% for DJIA-  Barron's noted last weekend that cumulatively over the years, one would have lost 31.6% of ones portfolio by investing ONLY in September, (while investing all year would have netted 551% on a price basis)  - While seasonality seems to be negative.  sentiment has also gotten a bit more negative of late after being Bullish in mid-July, while indices remain within striking distance of highs-  AAII data, along with higher Put/call ratios, and VIX higher than early August, despite indices roughly at the same levels-   Until we see movement UNDER 2157-2160-SPU,SPX on a close, its just tough to be too negative and still right to favor at least an initial push up to test highs and get near 2200 or above to 2215-20, a more serious level of resistance-   For today- resist 2177-8, 2184-5 and support 2157-60-  with pivot at 2168.42 for SPU6-  Early gainers in WYNN, CHTR, SPU, while on the downside, CRM, AMD, CPB, FIVE, SCVL, GCO-  Let me know if you have any questions


Market still extraordinarily range-bound with one of the narrowest ranges in the last 90 years-  This flattening won't be helpful to momentum if prices break back out to the upside, but for now, given this lack of weakness, we'll need to see some evidence of damage before thinking any kind of decline is getting under way.  that starts initially with 2157-60 and 2141-2

Europe set to hit the highest levels since May when looking at SX5E, the STOXX 50, and still looks to have a bit of upside as part of its own neutral pattern.  But incredible overall to see the degree of "sideways" trading in equities and in Bonds globally right now as we enter September