Mixed data released today shows that ISM Non-Manufacturing PMI rose, while Factory Orders declined, as shown on the graphs below...conflicting messages for a second month. Take your pick as to which one you like!
As I write this, Dow stocks are down by about 5 to 1, S&P 500 stocks are down by almost 4 to 1, Nasdaq stocks are down by about 3 to 1, and Russell 2000 stocks are down by a little over 2 to 1.
The 4-Hour charts below of the YM, ES, NQ & TF show that the YM, ES & NQ are at the bottom of their trading ranges, while the TF has broken below (last week)...the YM, ES & TF are currently trading below their 50 sma (red). Selling came in on all four e-mini futures indices after these reports were released. A break with conviction and hold below these current levels, would be bearish. Various Fibonacci retracement levels are plotted on each chart (taken from their January low) and represent support levels, as well as the 200 sma (pink) and the Monthly Volume Profile POC (heavy horizontal pink line)...ones to watch this week.
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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Tues. July 3 ~ U.S. markets close early at 1:00 pm ET
* Wed. July 4 ~ U.S. markets closed for Independence Day Holiday
* Thurs. July 5 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Fri. July 6 @ 8:30 am ET ~ Employment Data
* Thurs. July 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. July 18 @ 2:00 pm ET ~ Beige Book Report
* Wed. Aug. 1 @ 2:00 pm ET ~ FOMC Announcement
* Mon. Sept. 3 ~ U.S. markets closed for Labour Day Holiday
* Wed. Sept. 26 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
IMPORTANT BLOG POST UPDATES...
* Trade Wars have escalated and now include diplomatic wars