Over the past 62 years, the next two weeks have been the most bullish of the year, and the market is to kick things off this Monday.
The bond market (TLT), meanwhile, is at the top of its current channel and looks ready to pull back. This will put pressure on tech stocks, though, blue chips have been holding up well.
The biggest economic reports coming today are the PMI Manufacturing at 9:45 a.m. ET, then the ISM Manufacturing Index and Construction Spending at 10 a.m. We have a slew of Federal Reserve speakers on deck for Tuesday but I don’t think it will have much impact on the markets.
The big stuff is coming later this week including International Trade in Goods and Services on Thursday, and the jobs report on Friday.
Have semiconductors peaked out? I don’t believe so and if you look at Nvidia (NVDA), it’s holding on fairly well. If it breaks below the $846 level, that would be something to watch.
Sentiment also remains strong…
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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