Congressional negotiators Ryan and Murray reach a budget agreement. The House will vote on the agreement on Friday and the Senate will vote next week. You would think the futures would be up strongly but instead are flat as this is written. S&P's were -3 a few hours ago. The deal is simply more can-kicking; the republocrats and demopubicans enjoy eating at the trough and are too addicted to stop. Oil Inventories are at 10:30 AM. The 10-Year Note Auction is 1 PM and this is the key event today. Treasury Budget is 2 PM.
The market drama continues. Keybot the Quant flipped short yesterday but a whipsaw back to the long side will likely occur if the SPX moves above 1808.50. The bears need to push under 1802 to accelerate the downside. A move through 1803-1808 is sideways action. VIX 14, GTX 4811, JJC 39.66 and UTIL 477.87 are bull-bear lines in the sand and all 4 parameters are bullish which will create market upside moving forward. The bears need to move at least one of these 4 parameters into the bear camp to prevent the markets from moving higher. The 8 MA is under the 34 MA on the SPX 30-minute chart signaling bearish equities for the hours ahead. Markets remain erratic, unstable and a coin-flip.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.