Emerging markets starting to gain more traction as China rallies

Markets have entered a window for potential short-term trend change, but do not expect much selling until August.  Near-term, an SPX-4500-4620 range might hold into last couple days of July before weakening down to 4350-4400 into mid-August before rally continues.

SPX does not look to have peaked, and the range discussed last week remains very much intact, and could remain so until end of month, whereby it’s expected that a pu...

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