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The Day Ahead 2017-07-20

The main item today is the ECB press conference which is taking place as I type. The S&P rose as expected yesterday, in fact pushed just past the target area that I was looking for. For today, think it is due for at least some retrace, perhaps 2464.50 to 2459.00 in the S&P 500 e-mini […]

The Day Ahead 2017-07-19

The S&P 500 futures were pretty dull overnight leaving the basic analysis from yesterday intact, that after a pullback the market would attempt a new high.

Treasury yields TYX poised to grind upward

The Treasury Yield Index has spent most of 2017 until now in a corrective retracement. Now it appears that rates may be ready to begin advancing again.

The Day Ahead 2017-07-18

The S&P 500 futures have stayed in the range from yesterday overnight. For the last few hours they have been pulling back from a test of the high from yesterday. That may lead to early weakness in the day session but doubt SPX drops under 2454 and will likely attempt to rally from that zone. […]

The Day Ahead 2017-07-17

Friday pushed the S&P 500 on to a new high. I’m treating this as a ‘b’ wave high though if it extends this week I will slide wave (iii) over from the June high to where the next swing high terminates.

The Day Ahead 2017-07-14

The S&P 500 has been sneaking up on the June high and fair to expect it to continue in the short term but I just can’t be enthusiastic about being long from this area.

The Day Ahead 2017-07-13

The second day of Yellen’s Humphrey-Hawkins testimony takes place today which can be a wild card. For now, the equity market remains focused on Yellen’s dovish comments and is testing the top of the recent trading range. Note: DX resists corrected

Natural gas set to bounce

We are watching natural gas prices very closely right now. The technical picture makes a strong case to expect a reversal and rally soon.

The Day Ahead 2017-07-12

The market sees Yellen’s prepared remarks as dovish and thus taking the equity futures up before the day session open.

The Day Ahead 2017-07-11

Today is another light day on the economic calendar which may very well lead to a sedate trading day. The S&P 500 continues to be stuck in a trading range and not much reason to think it will leave it today.