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“I look at a streak as I don’t lose – literally.” – Tiger Woods

Futures are lower to start the week, and the economic and earnings calendars are both extremely quiet to start the week.  Things will pick up intensely as the week goes on, though, so enjoy the calm while it lasts.  After the close today, we’ll get earnings reports from IBM and United Air (UAL).

Read today’s Morning Lineup for a recap of all the major market news and events including a recap of the biggest overnight events including some key earnings reports, German elections, as well as the latest US and international COVID trends including our vaccination trackers, and much more.

Last week we were talking about the market’s ‘can’t lose’ pattern where SPY traded higher from the open to close for thirteen straight days.  While that streak ended (for a day) another notable streak we’re tracking is the S&P 500’s consecutive streak of closes in ‘extreme overbought’ territory.  Heading into today’s trading, the S&P 500 has closed more than two standard deviations above its 50-DMA for eleven straight days.  That ranks as the longest streak of ‘extreme overbought’ readings for the S&P 500 since 2013 and just the 23rd such streak in the post-WWII period.  While futures are down this morning, as long as the S&P 500 finishes the day down less than 0.55% the current streak will stretch to a cool dozen.