David Chojnacki S1F Market Technician
The day and week started off with the indices considerably lower. As the session wore on the averages trimmed their losses and the Nasdaq100 was actually positive for a good part of the session. By the close, all the indices were in the red, with the DJIA the biggest loser. Breadth was decidedly negative on the NYSE, more than 3 to 1. Volume for the day was about average. Not much change technically as short term indicators remain with a positive bias. RSI’s dropped somewhat and near term volatility remains. The Nasdaq100 continues in new high territory and expectations are for the S&P to eventually test the 1363 level(April high). Gold continues to make new highs. On 7/12 we issued a technical write-up on IAU(iShares Gold Trust), indicating it was
about to break out of a trading range to the upside. Since 7/12, IAU has risen 3.8%. The VIX moved up 10.4% to 19.35, the first move to the upside in five sessions. As we have noted before, the VIX itself has been volatile, as the Market reacts to daily news out of Europe and Washington. Earnings reports this week will also contribute to the Market swings. Futures early this morning are higher versus fair value, indicating an open to the upside.
Major Economic Reports TodayCase Shiller Index-9:00am Consumer Confidence-10:00am New Home Sales-10:00am
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