Another day sparse of economic releases presents itself, with this afternoon’s ISM non-manufacturing as the sole focus left ahead of this evening’s World Cup semi-final. The earlier release of Switzerland’s CPI print has provided some food for thought however; with the June reading coming in at a much lower than estimated 0.5% YoY (consensus 0.9%), down from last month’s 1.1% print. The…

The S&P 500 is now down nine of the last 10 days. Notice the nine red candlesticks and the lone black candlestick. In addition, the Commodity Channel Index (CCI) has been oversold since the decline below 1040.

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