According to my risk summation system, the day this coming week with the highest risk of a turn in or acceleration of the current trend in the DJIA is Wednesday July 13th.
Last week the Tuesday/Wednesday risk window tagged the low for the week early in the window. The Friday the 8th risk window may have caught a top depending on the action early next week.
It just so happens that the risk window this coming week coincides with the release of the latest inflation data. Given the strong jobs number late last week, a high inflation value will all but seal the deal for another 3/4% bump in the FED funds rate at the late in the month meeting. Given that will be baked in the cake, the future rate guidance at that meeting will probably be what to watch for at the meeting presser. Any hints at a possible pause or lessening of their supposed inflation fighting resolve would be very bullish.
Last week the British currency and the British leader both got Pounded to new lows. Given the high commercial trader long position and relatively high large speculator and small trader short position for the British Pound shown in the finviz.com plot below, I suspect better days are not too far away for the currency, but not so for poor Boris who is now looking for both a job and a new place to live. Great system they got here where if the leader turns out to be a clinker, he can be quickly ousted and replaced. Same party will stay in charge, but with a new leader.