We think the market is at a turning point, and the next move (up or down from here) is going to have pile on. While everybody's sold on only-up, the market stopped going up, if you have noticed. In the meantime, the Fed has been putting some extra body-English in the form of all-out buying, trying to keep the market's momentum higher. If they can't, they know they have a big risk on their hands.

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Here are some of the things we're watching and we discuss in the video.

Fed's Turning It Up But Market Not Budging

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Out June 18, the Fed said they bought $100 billion of assets in the last week to support markets. That was a jump from what they did over the last few weeks. These are huge numbers, but the market has stopped going up.

June 11's market break probably spooked the Fed. With all this cash printing and investing, they need momentum. We think they are spooked about a loss of momentum. Or worse, they are worried the market could turn down.

The market is up largely, but this slowdown in momentum despite the mounds of upward pressure the Fed's working on could be an early signal of a change. Also, watching coronavirus case counts is a real concern that could work against the markets, despite the Fed's huge push.

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Global case count numbers are rising. Deaths spiked two days ago. Hopefully, this trend changes for many obvious reasons. But the risk is, if it continues, states and countries will have to consider locking down again, which would be another huge economic hit.