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The Day Ahead 2017-09-15

The North Korean missile test pushed the S&P 500 futures lower but they have recovered most of the drop. My bias is still toward lower though the next FOMC meeting next week will act to keep the market constrained.

The Day Ahead 2017-09-14

Same plan for today as was yesterday. A gap down in the S&P 500 would be the start of leaving an island behind in the mirror.

The Day Ahead 2017-09-13

There is a reasonable chance that the S&P 500 gaps down today at the open and leaves an island formation, a bearish development that fits the near term bearish outlook.

The Day Ahead 2017-09-12

The S&P 500 was just short of making a new high yesterday. We should probably expect a new high print in cash today since it is just a few points away.

The Day Ahead 2017-09-11

The rise today is putting stress on the short term bearish case. If the market fails to turn lower early this week, we will see new highs before any possible deeper retrace.

The Day Ahead 2017-09-08

S&P 500 futures are lower as I type thus the expected next wave lower in the correction may finally getting started.

The Day Ahead 2017-09-07

I can’t say I’m excited about the upside in the S&P 500 from here but best to allow it to rise a bit higher this morning.

The Day Ahead 2017-09-06

The S&P 500 stayed on plan yesterday, actually exceeding expectations. Today assuming that the equity indices consolidate ahead of the ECB tomorrow morning.

The Day Ahead 2017-09-05

First, let us review the two primary paths for the S&P 500. Both are a variations of a corrective formation.

Wheat, Corn and the ETN JJG

To my eye, grains are in an ending diagonal or wedge in the latter stages of its development.