ES Remains in a Tired Levitation at All-Time Highs

Figures, that both PPI and Retail Sales for July were soft at best, and at worst, more of the same disappointing, sluggish, lack-luster data points we have become accustomed to in the post-2009US economy.

Today's data magnifies the glaring divergence between the real economy on one hand, and the stock markets on the other, which in their infinite wisdom levitate regardless of poor economic performance because of the ongoing prospect of future Central Bank liquidity-- as if miraculously "more of same" will matter to growth after 7 years of trying.

As long as investors perceive that "the gap" between economic reality and stock market performance can exist indefinitely because of "Mo Money" at the ready, I suspect ES (Emini S&P 500) will just keep ratcheting higher-- towards 2200 next.

That said, from a purely technical, pattern perspective, ES sure does look like it is flirting with the completion of a July-August Rising Wedge Formation," which is an upleg-ending pattern ahead of a potentially nasty correction.

A break of 2167.50 will trigger the initial signal that "The Wedge" has broken to the downside.

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