Wk30: Market Forecast

27 Jul

In the week ahead look for these news announcements to act as potential market movers
· Mon: New Home Sales 10:00 AM ET
· Tues: S&P Case-Shiller HPI 9:AM ET
· Tues: Consumer Confidence 10:00 AM ET
· Weds: Durable Goods Orders 8:30 AM ET
· Weds: EIA Petroleum Status 10:30 AM ET
· Thurs: Jobless Claims 8:30 AM ET
· Thurs: EIA Natural Gas Report 10:30 AM ET
· Fri: GDP 8:30 AM ET

A good amount of news ahead in the week to come, all eyes and ears will be on Friday’s GDP number. We will be looking for a slowing in deceleration of the economy.
We see the S&P 1,000 level as the next target, but foresee a pullback to 956 before this happens. Getting short with a stop over the S&P 980 level would be one potential play here; however with many traders’ thinking in this way, a move above 980 could send the market catapulting higher as stop orders are triggered.

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