The big news of the morning has to be the very good ISM services report for December, which shows that the 75% or so of the economy that is services was nowhere near recession last month. *All* of the components moved in the right direction.

While the S&P 500 has broken out to new highs in recent days, it is being driven by the “soldiers” not the mega cap tech “generals” that have led for this almost three year bull market.

EURAUD shows bearish pressure after a completed weekly ABC recovery. The daily chart confirms a lower high and trend-line break, pointing to further downside toward 1.70 in early 2026.