Stock futures are modestly higher this morning, with the S&P and Nasdaq holding near yesterday’s gains. That keeps yesterday’s developing Stocks story intact as the S&P presses against the 7800 resistance area and the lagging indexes begin to turn.
The Dollar remains the market to watch. DXY is holding firm near 102 after yesterday’s reversal from resistance, while Gold is modestly lower and Bitcoin is little changed. As discussed in the Weekend Report, the Dollar is pressing an important resistance area. Yesterday produced the developing reversal; the next question is whether price follows through and forms the Daily swing high.
Bonds remain under pressure with Treasury yields still elevated, while Oil is relatively quiet. Nothing overnight materially changes the existing cycle interpretations. The Dollar swing-high trigger and the S&P’s response at 7800 remain the two developments that matter most this morning.
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