Market Review 7/23 Market Moves Down on Europe Woes

Is this the beginning of the big move down?  I have read and listened to a number of financial news outlets that say the time is close at hand.  I happen to be in this camp as it seems to me that as we have seen on Friday and Today that the market is extremely sensitive and volatile to what is happening in Europe.

As traders what we need to watch for is market participation or distribution in the volume that should tip us as to how the market is reacting.  The SPY also closed below a major support level at $136 and is threatening to break the bottom channel of the bullish trendline in June.  Should the SPY break the bottom trend line convincingly I tend to think that would be the move that will trigger a sell off.





Asian Markets were way down this morning and are currently breaking even





The US index futures are currently pointing to a slightly neutral but positive open


Looking for a newsletter with great trade ideas and the ability to cut time down your research time?

Sign up for a free 2 week Trial of our LIVE TRADE VIDEO NEWSLETTER

 

Disclaimer: This article is intended to be informative and does not constitute a buy, hold, or sell recommendation., and should not be construed as personalized advice as it does not take into account your specific situation or objectives