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On Wednesday, Powell will face the House Financial Services Committee for the first round of questioning from lawmakers. The Fed will also release minutes from its June 19 meeting on Wednesday, and at this point, the Fed funds futures contracts are currently pricing in a 100% chance of at least 25 basis points of cuts.
Now let's look at our markets Pre-Fed Testimony...
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SPX - As time moves forward the SPX still remains healthy looking. It has stalled again, but if it moves higher we will likely see a R.T. Daily cycle, and that would keep things on the bullish side. My weekend report discussed 'break out to new highs' and various ways they play out. For now, if you are long, you are still in the trade, stop at the 1/2 cycle low or raise it to the 10sma if you are more comfortable with that.
Read More The U.S. markets were closed from Wednesday afternoon to Friday morning. We now have 1 day left in this week to trade, and I wouldn't be surprised if many are just taking a 4 day weekend, so we may see light trading. Let's do a quick review of where our markets stand currently...
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Yesterday, the theme of my report was "No major Surprises yet", but it looks like I may have spoken too soon. This was GOLD at the close Tuesday. After selling off sharply $24 & breaking below the 10sma on Monday, it put in another sharp reversal and closed back above it. We'll discuss this after taking a look at a few other charts...
Read MoreThere were no Major Surprises as the Markets entered July, but I do have a few things to discuss with our current markets, so lets get to the charts...
Read MoreToday is Friday, the last trading day of the week. So far, the Bears have been a little bored this week when it comes to most of the markets sectors, so let's take a look at our markets...
Read MoreToday we have a little more to talk about. A Dip. Let's go to the charts...
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