Morning Commentary
The market’s inability to gain traction despite a slew of high-profile earnings beats isn’t unusual. Consider how far this market has rallied from its record-setting sell-off and its precarious position at the start of the year. Broadly speaking, the market has reacted positively to good news, and needs additional signs that economic trends are moving in the right direction to justify the next leg higher.
On that note, the Fed didn’t do the market any favors; then again, it hasn’t done itself or its own reputation any favors in a long time.
The most worrisome macro trend is the slide in crude oil weighed down by a recent shift in demand. However, the bigger data point that moves this market in a hefty direction one way or the other is the next jobs report. Between now and then, major equity indices must hold its past resistance as new support.
Yesterday, it was an impressive test that saw the market tumble on a lack of news and still found buyers above those key support points. For the near-term, these are the key numbers that must hold.
Dow Jones Industrial Average must hold 18,312
The S&P 500 must hold above 2,130
For investors looking for areas to buy on weakness or to avoid, here are the current trends:
Upside trends
Downside Trends
For now, the summer doldrums have arrived, but this market doesn’t stay dull for long; keep your head on a swivel and be opportunistic.
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