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US Session: Decline in the PreMarket. Increased caution after yesterday’s ATHs.

Increased Sell Pressure in Wall Street Premarket Trading. The larger-than-expected drop in the Philly Fed Manufacturing index at 3:30 p.m. and the larger drop in industrial production posted at 4:15 p.m. reduce risk appetite among participants for today’s session after the SP500 and Nasdaq hit new all-time highs yesterday.

Shortly before the start of the trading session, US futures erased the initial rise, with the Nasdaq and Dow starting lower, while the SP500 started trading with a minimal increase of 0.01%

Sentiment from Europe is negative, with the DAX, FTSE and CAC falling. Cautiousness can be transferred to Wall Street – it is not excluded that the indices retreat today, a decline to validate the breaks above previous ATHs.
-It is important to note that the main direction is Long as yesterday’s ATH reinforced the sustainability of the trend. Even if the indexes retreat today, it will be a retest of the breakout, not a switch in attitudes.

In focus during today’s state session:
-6:15 p.m. – Atlanta Fed GDP Now (Q2)6:30 p.m.
– Statement by Mester /Fed/
-10:50 p.m. – Statement by Bostick /Fed/

TECHNICAL PICTURE AT SP500 – DAILY CHART
-Long Trend with another ATH
-DeMarker Oscillator right on the overbought border
-Sequential starts a new upward printing until 13ka, after a fully completed Up cycle until 9ka.

I expect a retest of the break above the previous high $5,286 to validate the current momentum. A close of the daily candle above the $5,300 levels will validate the breakout and support buyside traders in tomorrow’s session.

Alternatively: A breakout and close of the daily candlestick below the $5,285 levels will worsen the technical picture and support sell side traders in tomorrow’s session, with trade heading towards the $5,270-$5,250 levels


 Head Dealer Alexander Alexandrov

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