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.
Tuesday, July 10, 2018
10th Year U.S. Bull Market Run Versus 'Summer Swoon'
However, this attempt is not yet a slam dunk. As noted on the following daily ratio charts of the SPX:VIX, NDX:VXN, and RUT:RVX, I'm still waiting for:
SPX:VIX ratio: a bullish crossover of the 50 MA above the 200 MA to form a Golden Cross
NDX:VXN ratio: a bullish crossover of the PMO technical indicator
RUT:RVX ratio: a bullish crossover of the PMO technical indicator
All other technical indicators must continue to hold their present bullish formations, and price needs to hold above their respective major support levels, namely:
From the next chart, which compares price action and percentages gained year-to-date of the four major indices, we see that the Dow 30 and S&P 500 Indices will need to pick up the pace in order to provide some kind of assurances to traders/investors that there is broad support for a 10th year bull run.
Otherwise, we just may see a 'summer swoon,' as I described in my post of June 30. In this regard, I'm continuing to monitor the World Market Index (last chart). If we see a break and hold above its next resistance level of 2000, a reversal of the bearish moving average Death Cross to form a bullish Golden Cross, and maintenance of bullish formations on all three technical indicators, such a swoon may be averted.
Keep an eye on the above three ratio charts, as well as the World Market Index for cross-confirmation of either scenario.