China’s Politburo has pulled out all the stimulus stops, sending the CSI300 4.2% higher and an index of Chinese developers over 15% higher. Perhaps even more importantly, David Tepper, in a CNBC interview this morning, characterized the move as extremely stimulative and supportive of stocks not only in China but around the world.
US futures are up sharply, answering the question as to whether we’ll get a pullback after SPX recently reached our IH&S target.
This move, which will likely be echoed by the Japanese, should give equity investors confidence to remain long through the US election.
continued for members…
This puts ES’ 1.618 and IH&S firmly in play, assuming tomorrow’s PCE print plays along.
Note that EURUSD is pushing higher, approaching our next upside target.
While USDJPY is also rising again.
Oil and gas are even contributing to the equity pop by resuming their downturns. 
GLTA