We see some evidence that the bulls are gaining strength. We also see some evidence that we are "due" for a pullback of some magnitude.
With the GDP report for the second quarter due this week, along with Chairman Powell's announcement about interest rates, this week could be a catalyst for that pullback.
But, the fact that the equal-weight version of the S&P 500 has finally clawed back is a sign of gaining strength. However, if this is a robust bull market, we really need to see small-companies participate at a greater level. Right now, more than half of the small cap universe is still in a negative trend - technically speaking.
And, what about Chairman Powell and interest rates. We take a look to see what the probabilities markets suggest for not only this week's meeting but the meeting in September.
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