Technically, weekly and monthly trends are still up...but there is a possibility those trends are turning. Daily trend is definitely down.
Fundamentally, both the political i.e. trump etc, and monetary policy i.e. increasing interest rates, lead to a bearish outlook.
He may have called it correctly this time.it's bullish until marketsurfer takes a massive loss on his shorts
"After caucus members lobbied the White House, Republican leaders added a provision to eliminate an Obamacare requirement that health insurers cover services such as maternity care, mental health treatment and prescription drugs. But caucus members still didn't think the revisions went far enough in repealing the law." CNN.com
My question is: Are these idiots that call themselves Freedom caucus work for the American people or the Insurance companies?
IMHO...
I don't see a bullish market this coming week. Technically, SP500 broke the neckline of double top (leaning bear), and is flirting with 50MA. It may test 2300 level. My initial overall strategy this week, is shorts in S&P, and longs in NDX.
GOP and POTUS punted on pushing ACA reform, and there will be continued buzz about that. Much dissension in GOP. The next target is Tax Reform, that will not go well until parties realign.
Monday - British PM May to kickoff Brexit, Chicago and Dallas Fed Prez’s give comments on Monday. (All probably uneventful and irrelevant to sentiment, but noteworthy)
Thursday - US GDP report
Earnings releases- PLAY RHT DRI CCL BBRY