Another day and another major economic data report missing Wall Street consensus. Existing home sales data showed a sharper-than-expected decline in the number of completed transaction last month. The first month-on-month drop in prices since January.

• Existing home sales -5.9% in July; consensus -5.9% and -5.5% prior month
• Annualized level of sales at 4.81M, lowest since May 2020
• Median selling price +11% y/y at $403,800
• First time buyers accounted for 29% of transaction

So far, only 4 sectors are higher this afternoon. Energy leading, getting strong support from Exxon Mobile (XOM) and ConocoPhillips (COP).

All eyes on the dollar. The DXY index breakout still running, watch for next key resistance level of 107.40.

The markets struggle to maintain momentum from this Summer’s rally. A recent move upward was driven by comments from Fed Speakers Neel Kashkari and Jim Bullard.