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...
* Fri. July 1 ~ Canada Day holiday...Canadian markets closed
* Mon. July 4 ~ 4th of July holiday...U.S. markets closed
* Wed. July 6 @ 2:00 pm ET ~ FOMC Minutes
* Fri. July 8 @ 8:30 am ET ~ Employment Data
* Wed. July 13 @ 2:00 pm ET ~ Beige Book Report
* Tues. July 26 ~ 2-day FOMC Meeting Begins
* Wed. July 27 @ 2:00 pm ET ~ FOMC Announcement
* Tues. Sept. 20 ~ 2-day FOMC Meeting Begins
* Wed. Sept. 21 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference