SPX Premarket is Flat
Stock-Markets / Stock Markets 2016 Jul 28, 2016 - 02:38 PM GMT
SPX Futures are still on a rollercoaster as the earlier rise in the Premarket is given up to a flat scenario.
ZeroHedge reports, “Following yesterday's Fed decision and ahead of tonight's far more important BOJ announcement, European stocks have posted modest declines, Asian shares rise toward 9-month highs, while U.S. equity index futures are fractionally in the green in the aftermath of Facebook's blowout earnings. The dollar has extended on losses after Yellen reiterated a gradual approach to raising interest rates, with the BBDXY down 0.5% in early trading after slipping 0.4% over the previous two sessions.”
VIX has been flat this week. There is a probable impulse from the July 20 low. If so, a retracement may be underway. There will be more commentary as the pattern becomes clearer.
TNX appears to be in the final stages of its correction. If so, we may see TNX rise to its 2-hour Cycle Top at 17.27 or possibly higher before a correction. This may also verify whether the trend has changes, as TNX must have an impulse off the low to confirm the change in trend.
The more important news this morning is that the USD has declined beneath mid-Cycle support and the declining Wedge trendline to a low of 96.20. This confirms the structure on the chart and suggests a much lower USD in store.
Failure by the Fed to raise interest rates may not bode well for either stocks or bonds. It may also lead to a disconnect in the current relationship between stocks and bonds.
Regards,
Tony
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