Now that everyone is back from summer holidays and settling back into to a work routine, traders probably can hear the siren song of SPX 2200 beckoning and in turn keep the equity market bid.
Crude has dropped for a few months since June and should be nearing a point where that drop should renew in vigor and drop to a new low under that of February this year.
This is another look into the grains but via the ETN (JJG). Note: I added an element to the weekly chart
Corn has a similar formation that should be in the process of searching out a possible significant low.
Last week was tough for grains but continue to think they are ripening for a reversal.
We have the NFP number this morning which has the potential to knock SPX out of the consolidation pattern. As long as the number isn’t too strong or too weak it should allow the market to push higher.
No change from yesterday, continue to look up to 2200 SPX.
Not happy with the little drop in futures this morning before the open but still keeping a bullish bias. Look higher but let the market show some proof before jumping in.
It is doubtful the US equity markets will change course ahead of the NFP Friday morning, thus the march to 2200 and perhaps more continues.
One more week till everyone is settled in and back to work. Suspect the equity markets hold and drift up into the NFP number on Friday morning.