Sentiment Jul 1

Intermarket correlations:

  • Middle East conflict is over
  • Oil down, stocks up

DG equivocal

CPCE very complacent -> liquidity breaks

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Dow above Dec low

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NAAIM nearing complacency level

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NDXA20 coming back up

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NYMO plateau at 23

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VIX bottoming

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Seasonality - July best month in Q3

Conclusion: watch for a slow grind up