UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Oct. 20 @ 2:00 pm ET - Beige Book Report
* Tues. Oct. 26 @ 10:00 am ET - CB Consumer Confidence
* Fri. Oct. 29 @ 8:30 am ET - Core PCE Price Index m/m Data
* Wed. Nov. 3 @ 2:00 pm ET - FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. Nov. 5 @ 8:30 am ET - Employment Data
* Tues. Nov. 9 @ 8:30 am ET - PPI m/m & Core PPI m/m Data
* Wed. Nov. 10 @ 8:30 am ET - CPI m/m & Core CPI m/m Data
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Consumer Sentiment
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Inflation Expectations
* Tues. Nov. 16 @ 8:30 am ET - Retail Sales & Core Retail Sales Data
* Wed. Nov. 24 @ 2:00 pm ET - FOMC Meeting Minutes
*** CLICK HERE for link to Economic Calendars for all upcoming events.
Friday, May 04, 2018
Will the SPX Break Out Ahead of the JCPOA Recertification Deadline?
At the moment, it's trading within a tight range between 2620 and 2680, as shown on the daily chart below.
The momentum (MOM) indicator is in downtrend and trading below the zero level. The relative vigor index indicator (RVGI) is also in downtrend and is below zero, but has just formed a bullish crossover to the upside.
Any sustained breakout of the SPX to the upside will need to be confirmed by both indicators breaking and holding above their zero levels. Otherwise, it may be short-lived and followed by a sharp, swift drop.