Can remain that way for awhile… 23,730 is the target.
“By a 52-47 vote, the Senate passed an amendment to repeal the long-standing provision that allows Americans to deduct their taxes paid on real estate, personal property, state income and sales tax.”
This will impact the proposed Tax Reform as it permits the Senate to vote by majority for the Green Light to Corporate Tax reduction.
Watch it live into the Early hours of the morning when the actual vote for the Budget will be held.
Large draws to SPR – topping off the tank…
Although the indices can move higher, we are witnessing an exhaustion point – Institutions are net sellers, the FED/ESF net buyers. Volume is near absent – Volatility only remains in the most liquid instruments – Energy & Currencies.
2575 remains the potential target for the ES – this places the SPX @ 2578/9.
China is reportedly beginning their new Yuan based contact for Oil tomorrow…. convertible to gold purchased outside of the SGE – ie. Global Markets.
Martin Armstrong believes 23,700 is possible for the DOW on this move.
I do not… Marty is plenty wrong, as are we all. Socrates issued 4 intraday warnings over the last week… 2 – Potential Sells, followed by 2 revealed targets for DOW and reduced risk profile as support lies at 20,000K now.
It’s Monday – watching how it behaves on Gap Fill…
Use them at your peril…
“risks not extraordinarily high…” – we are above last weeks highs and have a gap below.
1575/80 ES opens on a close over 2555.75 otherwise we close 2553.50ish and progap and go Monday.
It’s been the pattern with Mondays… easy Cheat and further squeeze. Janet Yellen tee’s up Sunday afternoon prior to open…
The Bid remains extremely strong… closing basis – always.