Last Friday’s rally has put all the major indexes within striking distance of their resistance levels. Our market leadership and interest rate models are still in the green. While our momentum indicator is in the red, it’s just a day or two away from joining its cousins in the green column.
To start July, we wrote that month has typically been tough on investors. After a rough start, a few solid trading days and we can be up for the month. With consumer confidence on the rise and a more favorable August on the horizon, investors might be able to breathe a little easier.
Our market rhythm models favor a move up from here, though we might have to wait a day or two. Usually the last and next to last trading days of the month and the first 2-4 days of next month tend to account for most of a month’s positive performance.
Earnings and oil are going to drive this market right now. This week there are well over 500 companies set to deliver their quarterly reviews. We have highlighted a couple of companies we believe will pop or drop with their announcements. Our subscribers will find them in today’s Investment Calendar. If you are not a subscriber, subscribe now or download today’s Trading Earnings pdf.
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