“If you look around, complacency is the great disease of your autumn years, and I work hard to prevent that.” – Nick Cave

Old time blog readers have sat through more than enough rants about who looks at the Dow when talking about the market so we’ll avoid going down that route but it would be a shame not to save this tweet and add the accompanying chart:

Stock Market could hit all-time high (again) 22,000 today. Was 18,000 only 6 months ago on Election Day. Mainstream media seldom mentions!

— Donald J. Trump (@realDonaldTrump) August 1, 2017

Back to trader talk, here is where we are in terms of context:

S&P Futures have posted range of <1% for 18 days in row. Run's extended once in at least 20 years, on 30 Jan-17 (run lasted 22 days) #stocks

— Context Analysis (@MarketsContext) August 1, 2017

Now that Apple earning are out of the way and as discussed in our latest weekly outlook video, we’ll have to see how the data flow into the rest of the week shapes up. Overall the ramp higher continues but as we have been highlighting (keep an eye on updated charts posted on Twitter), there are still a lot of signs of weakness in many tech names and the transports chart is downright ugly.

Very nice action on Crude at the key pivotal 50 level, keep an eye on 48.20s for the next leg of this move as it tries to get some traction.

As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.