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 ECONOMIC EVENTS...
* Feb. 8-12 ~ Shanghai Index closed for Chinese New Year holiday
* Feb. 8-10 ~ Hong Kong Index closed for Chinese New Year holiday
* Wed. Feb. 10 @ 10:00 am ET ~ Yellen testifies on Semiannual Monetary Policy Report before House Financial Services Committee
* Thurs. Feb. 11 @ 10:00 am ET ~ Yellen testifies on Semiannual Monetary Policy Report before Senate Banking Committee
* Wed. Feb. 17 @ 2:00 pm ET ~ FOMC Minutes
* Wed. Mar. 2 @ 2:00 pm ET ~ Beige Book Report
* Fri. March 4 @ 8:30 am ET ~ Employment Data
* Sun. March 13 ~ Daylight Saving Time begins for U.S. & Canada...click here for world times
* Tues. Mar. 15 ~ 2-day FOMC Meeting Begins
* Wed. Mar. 16 @ 2:00 pm ET ~ FOMC Announcement & Forecasts & @ 2:30 pm ET ~ Fed Chair Press Conference
* March 25 ~ U.S. markets & other world markets closed for Good Friday holiday