US500

It’s been a fast-evolving market since the Presidential election three weeks ago. But stocks remain higher, Bitcoin has put in a major move and gold is on its back foot.

SPX has a sizable gap sitting below current price action and the top of that zone came into play for four consecutive days, while remaining well defended by bulls ahead of this week’s test of 6k.

It was a messy rate cut and the market response will become clearer in the coming days but, at this point the USD retreat from the post-election bounce has continued.

S&P 500 futures pulled back again last week and as yields have continued their run-higher, there’s more potential for greater pullbacks ahead. Both the election and FOMC can bring impact on both fronts.

The S&P 500 has shown resilience, with US stocks rebounding on the back of strong earnings reports today. Positive surprises from major companies, such as Tesla, and strong performances in Europe are helping to stabilise sentiment.

In the last week or so, the S&P 500 hasn’t gone anywhere, trading inside a tight range – albeit near its recently-hit all-time high. So far it has been a week void of any major economic data. So, you can understand why the market has been a bit cagey this week. But investors are also wary of at least two major risk events, which could dent the S&P 500 forecast

Stocks haven’t shown much for pullbacks of late, but S&P 500 Futures have struggled so far to gain acceptance through the 5900 level.

S&P 500 futures have shown little interest in the major repricing of Federal Reserve rate cut expectations caused by Friday’s blowout non-farm payrolls report for September, raising the question whether Thursday’s US consumer price inflation (CPI) report is as big a risk event as some make it out to be.

Stocks showed a change-of-pace yesterday, but the big driver is ahead, with Chair Powell’s speech at Jackson Hole garnering significant attention for signals of oncoming rate cuts.

Stocks grinded higher overnight after the release of FOMC Minutes and remain in-control as Jackson Hole gets underway, with Chair Powell’s speech scheduled for tomorrow.

U.S. equities have pushed aggressively-higher over the past two weeks, erasing the bulk of the sell-off that started in July.

S&P 500 Futures have gained for eight consecutive days now with price pushing into another spot of resistance. The latter portion of this week’s calendar is loaded with Fed drivers.

It’s been a strong recovery for equities, even as USD/JPY sellers have re-appeared; and the focus now is on U.S. data as markets step back from the ledge of recession worry.

U.S. equities continued the rally yesterday and strength has been going for a week now. S&P 500 Futures are now testing a massive zone of resistance.

Stocks started last week with panic but ended with a fresh high. The focus is back on inflation this week with the release of PPI on Tuesday and CPI on Wednesday.

Bulls made a statement yesterday with a massive rally in US equities, and at this point the ES weekly bar is showing as a dragonfly doji, with potential to finish the week with a hammer formation.

Was that it? Are bears finished? I look into that from a few different vantage points in this webinar.