Each Week Longleaftrading.com will be providing us a chart of the week as analyzed by a member of their team. We hope that you enjoy and learn from this new feature.
The major US stock indices pushed into record high territory late last week ahead of the start of the second quarter earnings season. To start this week, we see equity markets on a lower track following strong US economic data last week. Japan and European shares underwent profit taking, and with a relatively light US economic calendar ahead of the release of Wednesday’s FOMC minutes, we may see a round of profit-taking following last week’s record high print.
Friday, July 4th, saw a consolidation within the previous day’s range with light holiday volume after the 7 previous sessions had finished in the green. As we open the week on a bearish note, I would look to be a seller in the September E-mini S&P 500 just below Friday’s low of 1973.50 or better. My downside objective would be just above the underlying long-term trend-line at 1950. I would place a protective stop-loss order just above Friday’s high print at 1978.00. Should the market follow through to the downside, I would roll my stop order behind the position accordingly.
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