Before the Open

Lower mortgage rates have not helped the Housing Starts data.  Will it help the home sales data?  Whether it does or not could/should be very important for the housing sector…AND for the general economy as well.

We’ll be watching to see if one issue becomes a cornerstone for VP Harris’s campaign.  If it does, it could/should have an important impact on one key group in the stock market.

We're skeptical about the further upside potential for stocks, BUT we ARE seeing some signs in the charts that this bounce could have some legs, but we’ll have to see more upside follow-through for confirmation.

As for the bond market…on the technical side of things…the yield on the U.S. 10-year Treasury note is sitting at a critical level on its longer-term chart.

We now have an extremely important support level for one particular ETF to keep a VERY close eye on.  If  (repeat, IF) it is broken in any meaningful way, it will signal that we have a lot more downside potential for this decline in the stock market before it bottoms.