There isn’t much to report. The SPX is consolidating near the 50-day average, and so far it looks like the kind of market action that builds a new base. I wish I had more to offer.
Market breadth continues to look very good with the cumulative advance/declines and cumulative up/down volume above the 50-day. Bullish.
Outlook Summary:
Higher rates are now a headwind for US stocks. The recent tax cut, the 300 billion spending increase, and the already out-of-control federal deficit are a set up for a very dangerous spike in interest rates.
The long-term outlook is cautious.
The medium-term trend is down.
The short-term trend is down. Watching for the next short-term uptrend.
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