Financial Futures Outlook
Global equity markets overnight were mixed with the Chinese markets under moderate pressure and most other markets up under 1%.
Initial strength in the S&P this morning leaves the potential for a new all-time high in futures directly ahead especially given the current collection of developments.
The path of least resistance is also pointing up in Dow futures to start today and yesterday’s high is likely a target/initial resistance at 28,069. Unfortunately for the bull camp the Dow futures uptrend channel support line is a long way down because of the aggressive rally of the past 3 weeks.
It should be noted that the dollar index overnight did forge a higher high and reached the highest level since August 3rd in a fashion that suggests the dollar might remain in a slow upward track.
The euro made another new low for the move overnight but rejected that slide in a fashion that could suggest value has been achieved at the 1.1719 level.
Despite higher JGB yields, a jump in Japanese money supply and a lack of definitive leadership from the euro and dollar, the Yen forged a lower low for the move this morning.
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