TraderMongers: Day Trading Economic News Analysis July 23, 2010
S&P 500
One week ago we suggested that the market will sell off on Friday due to traders and investors not holding their positions over the weekend. We are currently holding this belief going into this Friday – either the market sells off or trades flat. The rally of the markets today due to strong earnings pushed the dollar lower against the euro as traders took more risk.
During a testimony between Ben Bernanke and the House Financial Services Committee, the Fed Reserve Chairman spoke about further stimulus actions. Looking at the Asia markets China is expected to slowdown and Japan was downgraded by Credit Suisse.
We only rallied to about the same level as last week on the 5 minute chart of the S&P 500 as traders relieved their positions last Friday and bought up their shorts this week.
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Questions and Answers
Understanding the direction of the market as well as the economic activity will lead to profitable trades. Keep up with our live news feed with TraderMongers.com!
Understanding the direction of the market as well as the economic activity will lead to profitable trades. Keep up with our live news feed with TraderMongers.com!
Understanding the direction of the market as well as the economic activity will lead to profitable trades. Keep up with our live news feed with TraderMongers.com!
The S&P 500 ended 1 index point lower to 1206. Guidance cuts from the health-care sector were cancelled by better-than-expected earnings from Apple and Boeing. Earning season will continue to drive the market for the foreseeable future.
Understanding the direction of the market as well as the economic activity will lead to profitable trades. Keep up with our live news feed with TraderMongers.com!
The S&P started falling to a low of 1189 before ending the day up 1 to the 1197 level. On Monday the S&P 500 reached a new 52 week high of 1199 as the afternoon kicked off earnings season with the announcement of Alcoa. Alcoa ended up nearly flat on Tuesday's trading.
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