The monthly retail sales just came out, and they were much stronger than anticipated.
![](https://slopeofhope.com/wp-content/uploads/2024/07/RET-640x352.png)
Equity futures were already green. The news spiked every single market down really hard for about a millisecond, then it bounced right back up again. As has been the case all year, stock indexes are at their highest levels in history.
![](https://slopeofhope.com/wp-content/uploads/2024/07/RTY-2-640x449.png)
Earnings from the banks continue to be the focus, with Morgan Stanley and Schwab looking soft pre-market.
![](https://slopeofhope.com/wp-content/uploads/2024/07/NS-640x740.png)
![](https://slopeofhope.com/wp-content/uploads/2024/07/SCHW-640x639.png)
In contrast with stock futures, crude oil continues to be rather weak.
![](https://slopeofhope.com/wp-content/uploads/2024/07/CRU-640x464.png)
Looking longer-term at crude, it seems to be finishing up a topping pattern similar to the one we saw in the spring of this year.
![](https://slopeofhope.com/wp-content/uploads/2024/07/ccccc-640x631.png)