In the week ahead look for these news announcements to act as potential market movers…
- Tues: Consumer Confidence 10:00 AM ET
- Weds: ADP Employment Report 8:15 AM ET
- Weds: ISM Manufacturing Index 10:00 AM ET
- Weds: Pending Home Sales Index 10:00 AM ET
- Weds: EIA Petroleum Status Report 10:30 AM ET
- Thurs: Employment Situation 8:30 AM ET
- Thurs: Jobless Claims 8:30 AM ET
- Fri: Independence Day Observed, US Markets Closed
While we have established a down trend over the past two weeks, it remains in the context of a larger bull trend, which remains in a sideways trend on the year. As we pull out to larger timeframes it becomes clearer why the markets move in such whipsaw motions at times. Traders and investors trading multiple timeframes, strategies, and biases on the same security or instrument results in market movement in the search for equilibrium or market balance.
The short week may provide for light trading as many go on holiday. The three-day weekend will let trader’s recoup and relax.For us swing traders, we see a range of 880-930 on the S&P500 which are the key short term support and resistant levels at this time. Regardless of which indicators used on the chart, it is important to always begin with price and volume as they are ALWAYS king.
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