Futures were pointing to better gains in the stock market but a 3-4 point gain in the S&P is solid after Apple’s big miss. Equipment maker Caterpillar had upbeat comments on the global economy.
If the gains in the the S&P 500 continue it will had to the series of higher lows and higher highs since the end of May. The 55-day moving average is also acting as support.
Notice the similar (but inverted) series of lower highs and lower lows in USD/CAD, as well as the 55-day moving average. Stocks and this pair have been highly correlated recently. Look for signals in one to confirm the other.
