SPX futures rose to 7630.90, a new all-time high this morning. The first resistance lies at he Cycle Top at 7699.05. The fundamentals show that incresing profits from AI may be exceeding rising costs. The Cycles Model infers that equities may continue to rise to mid-September. Fractal analysis suggests an average target around 8600.00.
ZeroHedge reports, “S&P futures are trading at all time high with the latest push higher triggered by comments from Scott Bessent on CNBC who echoed Trump in saying that “we may have Iran deal tomorrow to open Hormuz” (or we may not).”
The premarket VIX is lingering near yesterday’s lows, but hasn’t broken lower. The Cycles Model shows the VIX on a declining path with the next support near 15.00. The Triangle “tail” may not develop until later in August.
The US 10-year Bond Yield has slipped beneath the Cycle Top support at 46.80. The cycles Model allows a brief pullback as far as the 52-day Moving Average at 45.32, but expects a possible resumption of the uptrend by the weekend. There may be a battle to keep the 10-year yield beneath the neckline at 47.00.
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