Squawk Morning Briefing: Work to Do

The DJIA finally caught up to the S&P 500 on Wednesday as it joined the club of indices making new all-time highs. After giving up those highs later in the day it brought renewed questions of whether a top is in. That is a possibility, but there’s much more work to be done to confirm even a short-term top. We discuss what to look for in today’s videos and, while it might be forthcoming, even short-term support levels in U. S. equities have yet to break. That leaves the trend up for the time being.

The earliest support levels are starting to give way in the Euro and we’re seeing some acceleration of the move down overnight and this morning giving more of a reason to speculate about a top in the currency as it trades against the U. S. dollar. This is not yet any sort of confirmation but it appears to be in a better position to give us a clear picture of a turn than the equities at the moment.

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