Best to keep things light throughout this week as we have a slew of potentially market moving economic releases culminating with Q2 GDP (at a pretty lofty consensus of +2.6%) on Friday before the market opens. We also have the 2-day FOMC meeting kicking off and at least 7 of the 30 blue-chip Dow components reporting earnings today.
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- SPY 60-minute July 26th close
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- QQQ July 25th close
Regarding the technicals, both the SPY & QQQ still look on the verge of triggering the aforementioned sell signals on the 60-minute time frames, which if so, would indicate a pullback in the US equity markets lasting anywhere from several days to several weeks & possibly more. While GLD is still holding above the recently highlighted 125.10 support level, the intermediate-term outlook (several weeks to months) for gold & the mining sector remains bearish.
GLD daily July 26th close
It appears that earnings season will start to wind down after next week at which time the chances of false buy & sell signals & large earnings-induced gaps should begin to diminish and ideally, start presenting us with a more conducive environment for swing trading.