The Consumer Sentiment release highlights the end of a busy week data wise and we are expecting yet another strong reading. While investors focus has remained on trade wars and Turkey, consumers continue to be confident in the state of the U.S. economy. This has been visible in both near-record high consumer and business confidence releases in recent months.
While we remain in a short-term holding pattern on the market, primarily due to our tactical indicator readings, we continue to believe that in the intermediate term, our core thesis remains in-tact and our target of S&P 3,200 remains on track.
In addition to Consumer Sentiment, the Leading Economic Indicator for July is due out as well to wrap up the week.