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The SP500 futures are negative on the day, possibly showing concern over slowing economic growth. The SP500 futures, as long as they stay below 2185, may head down to 2167. Commodities have had volatile moves this year. Coffee futures, as we noted last week, have begun what looks like an uptrend. They may head to 1.59. US bond futures have had massive “whipsaw” action indicating no clear trend is in place. Major financial markets of course await the Fed’s rate decision later this month. We believe the SP500 may be running out of steam at these levels and may retrace lower by about 1-2% initially.
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