Good morning. Happy Tuesday. Hope you enjoyed your long weekend.
The Asian/Pacific markets closed mixed. Europe is currently down across the board. Futures here in the States suggest a gap down open for the cash market.
The trend is up, but I can’t say it’s very forceful or energetic right now. It’s been more of a grind without too much upside progress. This doesn’t come as a surprise considering two weeks ago I started having a hard time finding good set ups to trade. If you look at 1000 charts and don’t get a decent list of actionable set ups, that in itself is a warning the trend is weakening and some time is needed for the charts to reset. Here are two versions of the SPX daily. The first shows the overall trend which cannot be argued with. The second highlights the last two weeks and the lack of upside progress we’ve gotten.
One more chart. Here’s the 60-min SPY…from one consolidation period to the next…except the current one is much tighter than the last.
I’m of the opinion the market needs more time to rest and reset. I remain in conservative mode.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers