Investors will be awaiting the outcome of the next round of trade negotiations in October and monitoring third-quarter earnings reports which are expected to show another quarter of lower profits. The fed and other central banks around the globe are running out of bullets which translates to less support for the market and that could be a major head wind. U.S. stocks are hovering near record levels and the Trump administration will be hell bent on making sure the status quo will continue. The latest leg up coincides with the biggest rotation out of high-momentum stocks and into value shares since the financial crisis, this recent rotation out of momentum shares could be a sign that major averages are vulnerable to a pullback. But if you look at our EW count the psychology says market has already pulled back and it’s ready for another round of a strong rally.