Price action in last nights session would suggest a turning point in many markets. In US stocks we saw a fast rally to new record highs followed by a sharp fall to lows and a weak close. This is negative and I would look for markets to struggle to make new highs. We have also seen weak price action in Dax and FTSE markets as well as weakness in the ASX200 last week. Earnings season can throw up many large price moves , but I would think we will weaken over the next few weeks in stocks.
The US Dollar also had some positive price action after 22 sessions of negative movement. We have seen the EUR fall by 40 points to be 1.2217 after a peak of 1.2323. GBP is flat at 1.3792. CAD is at 1.2437 and has Bank of Canada looking to raise rates today.
US 10 year notes are at 2.55% which is same as last few days.
Oil prices have turned lower for no reason. It is being reported as profit taking after big run higher since middle of June 2017 . Latest is 63.65.
Earnings are out for Goldman Sachs with poor trading revenue caused by low volatility stock lower at 256.25. BAC earnings also beat expectations.
Industrial production numbers were just released and it was 0.9% v 0.5% expectations another great number.
I look for stock indices to open strongly and finish on a weak note.