A week or so ago I highlighted August 1 as a key date, passing aloing info from Deutsche Bank:Deutsche Bank warns of potential market turbulence around August 1 - 3 key flashpointsSome of the tensions have dissipated, especially with two major trade framewrok deals reached, Japan and the EU. Talks are underway in Sweden to add another extension to the trade truce between the US and China:US-China trade war ceasefire extension talks started Monday, expected to continue TuesdayThe current trade ceasefire between the two blocs expires August 12. It seems likely to me that the extension will be agreed to, or perhaps even something better, but it would be unwise to not note that there is a risk, albeit small.However, I am wary of the FOMC. While no rate cut is expected, it seems to me there is some complacency about. The risk I see is for a more hawkish than expected statement/Powell news conference. The US labor market is not showing too many signs of slack and the indications to inflation are indicating some sort of upward pressure remains in the underlying (core). SPX update - still strong ... or complacent? You be the judge! Daily candles: This article was written by Eamonn Sheridan at investinglive.com.