The Euro is down today (after weaker-than-anticipated European, German, French and Italian GDP data was released pre-market) and is producing a drag on European Financials, as shown on the two ratio charts below. The EUFN:SPX ratio shows that the European Financials are weakening...price is below the 50 sma today and still below the longer-term uptrend. The Euro:SPX ratio is sitting just below major support. Ones to watch to see if the Euro weakness persists and whether it produces a drag on U.S. equities.
Meanwhile, the Bull/Bear standoff continues as we await a breakout/down, as shown on the 60 min (market hours only) charts below of the 4 major E-mini Futures Indices.
Perhaps we'll see more definitive movement after Monday's holiday.
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UPCOMING (MAJOR) ECONOMIC EVENTS...
* Tues. Dec. 13 ~ 2-day FOMC Meeting Begins
* Wed. Dec. 14 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Wed. Dec. 14 @ 8:30 am ET ~ Retail Sales m/m Report (incl. autos)
* Fri. Dec. 23 @ 1:00 pm ET ~ NYSE early close for Christmas holiday
* Mon. Dec. 26 ~ All U.S. markets closed for Christmas holiday
* Wed. Jan. 4 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Fri. Jan. 6 @ 8:30 am ET ~ Employment Data
* Wed. Jan. 18 @ 2:00 pm ET ~ Beige Book Report