stock indices took a loss on Friday, driven lower by risk fears and profit-taking.
Fear that the Greek financial problems may escalate over the week-end encouraged
traders to lighten up positions in equities after a strong run-up. The stronger
Dollar also pressured equities as traders took a little money off the top to
reinvest into lower risk assets. Fridayâ€™s quadruple witching also contributed
to the weakness and volatility.
Without any major economic reports on Monday, look for
traders to turn to risk sentiment and the Dollar for direction.
June Treasury Bonds regained the old double-tops at 118â€™02
but had very little follow-through to the upside. Fridayâ€™s gains were most
likely related to asset allocation plays between stocks and bonds. Earlier this
morning, Thursdayâ€™s reversal top was confirmed but traders quickly bought the
dip when stocks broke. This market is set up to move higher on Monday because
there are no economic reports to stop the T-Bonds. Increased risk could break
equities to the benefit of the T-Bonds.
The stronger Dollar helped drive April Gold lower on Friday,
erasing almost all of this weekâ€™s gains. A trade through $1097.30 will turn the
main trend down on the daily chart. This could trigger a further decline to
another bottom at $1088.50. Minor support is at an uptrending Gann angle at
$1102.50. A break through this level could trigger an acceleration to the
June Crude Oil was under pressure on Friday because of the
stronger Dollar and the dumping of higher risk assets. The chart pattern
suggests that a secondary lower top at 83.80 may have been formed. Downside
momentum indicates that a break through the last swing bottom at 79.77 will
turn the main trend down.
Forex Trading News
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Mon 23 July 2018 A 14:00 US- Existing Homes Sales Tue 24 July 2018 AFlash PMIs Wed 25 July 2018 A 08:00 DE- IFO Survey A 14:00 US- New Homes Sales A 14:30 US- EIA Crude Thu 26 July 2018 AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless A 12:30 US- Durable Goods Fri 27 July 2018 AA 12:30 US- GDP A 14:00 US- Final University of Michigan
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