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Good morning, one and all. It’s an exceptionally quiet pre-open, with the /ES up all over 0.05%, and yet with the FOMC looming and MSFT/META just after the close, the day will not be a boring one.
The small caps, represented by /RTY below, have had a very choppy week. The good news is that it seems to be banging out a series of lower highs with each attempt to push higher.
In my last post on Thursday 24th July I was talking about the inflection point forming here on equities and the two important possible triggers this week. The first of those was the trade deal being negotiated with the EU and that seems to have been agreed over the weekend, at a general level of 15%. This follows a similar agreement with Japan and means that trade deals in that kind of area have been agreed now with most of the largest US trading partners except China, Canada and Mexico, currently at higher levels.
This could be establishing a new normal on trade so I wanted to take a moment to review where this may be leaving us.
(more…)In my last post on 16th July I was looking at a significant high that may be forming here on equities. There was some unfinished business that I was looking to finish on the upside and one of those was a high retest on DIA which we saw yesterday and there is now a daily RSI 14 sell signal brewing on DIA to go with the daily sell signals already fixed on SPX, QQQ and IWM.
I went through a more thorough list of the unfinished business both finished and remaining on my The Bigger Picture video yesterday night but in brief I was looking on my premarket videos over the last few days for high retests on DIA and Nikkei, which we saw yesterday, a full all time high retest on INDU, not quite seen yesterday but close, and high retests on DAX and ESTX50, both of which have formed bull flags which have broken up but not yet made target.
(more…)This evening was packed with big earnings reports, and we’re definitely finally getting some motion that has nothing to do with tariff deals or Jeffrey Epstein. Below are, paired off, four major announcements with the minute bar shown first and the daily after.
