SPX is Flat, Crude is Down
Stock-Markets / Stock Markets 2016 Jul 26, 2016 - 01:27 PM GMT
Good Morning!
The SPX Premarket is flat this morning. Normally, at the beginning of the Fed meetings, I would expect the SPX futures to be higher. That may be the case prior to the open. If this is a “buy the rumor, sell the news” moment, I would anticipate that all the rumors may have already been played out.
ZeroHedge reports, “In a turbulent session for FX, the Yen soared as much as 1.4%, the most in three weeks, after Finance Minister Aso says the government will "leave actual policy measures to BOJ", sending the Nikkei lower by 1.4%. European stocks and U.S. equity index futures are little changed despite the slide in the key carry pair as the Fed starts its two day meeting.”
USD/JPY is down strongly, even with a modest gain in the USD. The algos may have an uphill battle to keep SPX aloft under a negative carry.
TNX is down and has the potential of being weak for the next week or possibly longer, according to the Cycles Model. This brings up the notion that TNX may have a deep retracement either now, or after one more probe higher. The choice of the structure is yet to be determined.
A final probe at the Cycle Top at 17.41 will clean up this pattern tremendously.
Crude oil is still in a strong decline. This morning it hit 42.38 before the bounce. It still has a distance to go once the oversold condition is worn off.
Regards,
Tony
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