Market Direction Week of July 23, 2018©

Market Direction:BULLISH alert issued 2/15/2018 

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Last Week Review: Stocks finished the week mixed, as investors digested a fresh round of company earnings reports and trade headlines continued to emerge. Financials led the sectors moving higher, while communications and energy stocks led decliners. Sector leadership tends to alternate over time, which underscores the importance of ensuring that portfolios are diversified.

UK Prime Minister Theresa May is struggling to hold on to her Brexit plans as a 10th member of her conservative party quit on Monday, leaving her with only a 3 vote majority. On a related note, President Trump’s comments last week that a post-Brexit US/UK trade deal was unlikely, were magnified further by his comments this week that he considers the European Union to be a trading “foe” of the U.S. Straining this relationship is a dangerous game as the E.U. is our largest trading partner supporting approximately 2.6 million American jobs.

President Trump met with Russian President Vladimir Putin in Finland on Monday (7/16), and in a joint press conference, criticized our NATO allies, lashed out at American news media, and refused to hold Russia accountable for interfering in the 2016 US elections (though he said this was a misstatement the following day); yet the markets mostly shrugged off the controversy.

How the market finished last week, the S&P 500 flat 0.0%, the Nasdaq down 0.1%, and the Dow up 0.2%.

This Week: Q2 earnings season began to ramp up this week. With 86 companies (17%) of the S&P 500 having reported. With the SPX breakout above 2,800, a little consolidation over the next week or so would not be unexpected. I am encouraged that the breakout occurred as expected, and I would expect the uptrend to continue.

While I am encouraged by the fact that the SPX broke out above 2,798, I am concerned that it has probably gotten a little too far above the long-term trend in the near-term. Like last week though, volatility is still quite low, Q2 earnings continue to be strong, and traders continue to buy the dips. There are still more positive indicators than negative indicators. While the indictors and the technicals are both mostly neutral, the Advance Q2 GDP report on Friday has the potential to move the markets.

Economic Calendar: Existing Home Sales (7/23), Durable Goods Orders (7/26), University of Michigan Consumer Sentiment (7/27) GDP (7/27)

Some of the major earnings announcements on deck: FB, MCD, V, PYPL, GILD.

$tockMarketDirection proprietary model is currently BULLISH. We strongly encourage you to monitor positions closely, exercise proper money management strategies and follow us at $tockMarketDirection for ALERTS we may issue advising a change in the current market direction. Stay tuned and follow us. If you have a testimonial or comment of how this website has helped you we would like to know, email us. Share with a friend. Cha-ching.

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