Index

After a soft finish yesterday, selling pressure kicked in on the European open due to reports the White House is considering additional tariffs on the E.U. and U.K.
U.S. benchmarks pointed higher ahead of the bell despite a quick whipsaw early last night.
On Friday’s quadruple witching, U.S. benchmarks posted session highs at the opening bell upon the expiration of June futures and options.
Quadruple witching typically brings volatility in its aftermath as positions are unwound. Ahead of the Federal Reserve meeting last week, we called for this date to bring a cleansing.
U.S. benchmarks trekked lower last night and found strong major 3-star support. Price action has ping-ponged around ahead of the U.S. session.
U.S. equity benchmarks shook off a brief bat with reinvigorated volatility yesterday morning. After a blowout MoM May Retail Sales read, price action in the S&P 500 surged to its high of the session (YoY was -6.1%)
Better economic data bolstered risk sentiment and offset fears the virus is reemerging.
U.S. equity benchmarks opened sharply lower Sunday night and the weakness continued into Europe’s open after a slew of weaker than expected economic data from China.
Yesterday, U.S. benchmarks experienced their worst day since March, allowing some air to come out of the balloon.
Risk-assets are keying off a reality that has been clouded by trillions upon trillions of added liquidity. The Federal Reserve’s balance sheet has now surpassed $7 trillion.