E-mini markets to focus on jobs data this week

End of a Winning Streak

After a week of the strongest action the market has seen in nearly two years, the market finally took time to catch its breath on Tuesday as we kicked off a shortened trading week in the States following the 4th of July holiday. Volume was lighter throughout the session with many market participants still enjoying an extended weekend, but decreasing volume is also quite common following strong price moves on the upside and is another sign of exhaustion for an uptrend.

Dow Jones Industrial Average (Figure 1)

The intraday action on Tuesday was on the choppy side still with a narrower range that continued to limit daytrade opportunities, but the market began to have stronger back and forth types of swings than seen throughout the previous week. This is welcome news for daytraders who want to take advantage of moves off intraday highs and lows instead of the tiny 1-2 minute bull flags that flanked the larger 30-minute breakouts last week. While these larger breakouts were perfect opportunities for those that caught them, many happened outside regular market hours, leaving only the smaller scalpish entries intraday.

S&P 500 (Figure 2)

The Dow Jones Industrial Average ($DJI) ended the day on Tuesday with a loss of 12.90 points, or 0.1%, and closed at 12,569.87.A third of the Dow's thirty index components posted a gain on the day. The top performers were Chevron (CVX) (+0.99%), Disney (DIS) (+0.63%), and IBM (IBM) (+0.51%). The weakest performers were Hewlett-Packard (HPQ) (-1.57%), JP Morgan Chase (JPM) (-1.32%), and Travelers Companies (TRV) (-0.98%).

Next page: Into the numbers

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