Were you able to stay awake for that session today? All eyes seem to be on the US dollar again, and we're watching all of the moving parts in anticipation of where support might occur on the charts.
Not much progress in either direction on the indexes today, thank you Captain Obvious. Longs might consider this just a day of rest and consolidation to move higher, while shorts are thinking this is the eye of the hurricane. So what do we walk away with then? My two favorite things to monitor for risk appetite- the RUT and TRANS, which both outperformed the INDU, SPX and NDX to the downside. Charts below for some key resistance and support levels. The weekly charts might have more work to do however, so it’s worth keeping a close eye on those at this juncture. NYSI once again closed positive on the day, but the NYMO is currently retreating toward the zero line.
Economic calendar for tomorrow includes: Challenger Job Cut Report at 7:30, followed by the ADP UE Report at 8:15. ISM Non-Manufacturing at 10:00 and EIA Petroleum Status at 10:30 AM, EDT.
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For those of you who might have missed the big solar flare news, there’s a cool video to see it happen on 8/1. Have a great trading day tomorrow, gang!
