Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Wishing you a great 4th of July weekend! ( Our office is closed Monday )
Stock indices are getting a bit oversold and I suspect that sometime next week we should see a good, short covering rally. However, i don’t try to predict when it will happen but rather use price action with support/resistance lines to get a confirmation.
Daily chart of the e mini Russell 2000 for your review below. A break above 613 would give me more confidence in taking a trade from the long side, until then the trend is still pointing lower.
- Jul 06 10:00 ISM Services Jun 55.4 55.0 55.4
- Jul 07 10:30 Crude Inventories 07/03 NA NA -2.01M
- Jul 08 08:30 Continuing Claims 06/26 4600K 4600K 4616K
- Jul 08 08:30 Initial Claims 07/03 465K 460K 472K
- Jul 08 15:00 Consumer Credit May -$2.5B NA -$3.0B $1.0B
- Jul 09 10:00 Wholesale Inventories May 0.3% 0.4% 0.4%
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