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You wouldn’t think that on a lucky day like 7/7 that the equity market would break a streak of five straight days with gains of 0.5% in the S&P 500 tracking ETF SPY, but that’s where we stand ahead of the opening bell today. Futures are slightly off their earlier lows but still indicating a decline of just 0.60% at the open.  Besides the fact that the S&P 500 has been up for five straight days and could use a rest, there isn’t much in the way of a key catalyst responsible for the decline, although Industrial Production in Germany did come in significantly weaker than expected.  While Europe has seemed to see better trends related to squashing the COVID outbreak, economic data hasn’t yet shown material outperformance.

Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, weaker than expected economic data out of Europe, global and national trends related to the COVID-19 outbreak, and much more.

We normally don’t show the same chart two days in a row, but yesterday saw a positive shift in the S&P 500’s cumulative A/D line.  While breadth had been tracking price step for step, in yesterday’s rally the cumulative A/D line made a higher high in the short term even as the S&P 500 has yet to break above its June highs.  That’s a positive short-term development.