Trading Markets? Your MUST-READ Morning Report 7.12.10
The exclusive Markets Morning Report is supplied by Precision Capital Management.
The Precise Take – Equity futures down marginally as earnings season commences
Big Picture Analysis: The ES looks as though it will open down slightly, and it’s worth noting that Monday has been one of the weaker days over the past two months, whereas previously it was one of the strongest. Below, we can see the ES closed Friday near the 1073.00 high volume level from its largest volume value area (blue). The test for the bulls will be if it can continue to accept above 1065.00 in the first half of the day. If so, it has a decent chance of higher highs, though it will be met with a number of major obstacles until the 200 day moving average is cleared at about ~1101. If 1065.00 gives, a test of ~1040-1045 is likely. In addition to the scheduled news mentioned last week, Retail Sales (Wed) and CPI (Friday), today kicks off…
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