The Lord’s Prayer
Our Father, who art in heaven, hallowed be thy name. Thy Kingdom come, Thy Will be done, on earth as it is in heaven. Give us this day our daily bread and forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but deliver us from evil. Amen.
7:30 am
Good Morning!
SPX futures rose to 6764.10, just ticks away from the all-time high. There may be an even probability of a new ATH, but keep in mind that the trendline resistance is at that level. Should a new high transpire, it may be limited and narrow, while downside risk remains elevated. The Cycles Model shows no strong moves until the first week of November, leaving a sideways tilt until then. This morning’s CPI print may be something to watch, as the annualized inflation rate will be calculated using these numbers. Its impact is being dismissed as irrelevant, but the markets seem to be skating on thin ice.
VIX futures made a marginal new low at 17.10, remaining above the 52-day Moving Average at 16.49. The declining fractal appears complete, so a reversal may be imminent.