The US markets appear to be on track to continue the melt up as folks come out of vacation mode. We’re in a bit of a void in terms of data since it’s not until July 11th when Alcoa kicks off the second quarter earnings season with their announcement of their second quarter earnings results. Here’s what we have for economic data points for the balance of this week with Friday’s employment report being the most critical data point for this week:
We talked about what one might expect from this month where we examined the market returns over the last 10 years in this post: July Here We Come – What Kind of Month Is July For The Markets?
In terms of support and resistance, Long/Med/Short term trends are up. It’s not until there is a move below 1308 to perhaps indicate a change in the short-term back to a downtrend. As long as index stays above 1290-1300, it’s either consolidating or advancing. I see the 1303, 1313, 1320, and 1335 as the areas of support below. In terms of resistance above, I’m watching 1345, 1363 and 1372 as areas of resistance that are critical areas of resistance.