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Underlying upward pressure

US equities started the week on a moderately positive note, sp +5pts @ 2166. The two leaders - Trans/R2K, settled -0.1% and +0.2% respectively. The VIX settled -1.8% @ 12.44. Near term outlook threatens a minor retrace to the breakout zone of 2135/30, but broadly.. the 2200s look a given. Relative to the recent (and ongoing) geo-political/societal unrest, the US/world equity markets are holding up very well. The US market is leading the world on a new multi-month upswing.. and that looks set to continue across the summer.

With just 9 trading days left of the month, the equity bulls are set to see most (if not all) US indexes close higher for a fifth consecutive month. With the break above the May 2015 high of 2134, we are very close to a bullish MACD cross, which would take us positive cycle for the first time since Jan'2015. As ever, the monthly close will be important.

Goodnight from London