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STTG<>Market Recap Jul 31, 2015

Friday was almost the exact opposite of Thursday as indexes opened well but didn’t do well in the afternoon. This just continues the pattern of no pattern that plagues the market. The S&P 500 fell 0.23% while the NASDAQ dropped 0.01%. That said for the month of July we saw the S&P 500 up 2% and NASDAQ 2.8%. That is a bit misleading however as we entered the month of July with a lot of worry about Greece and indexes near yearly lows.

In economic news there was a lot of talk about the employment cost index which disappointed analysts with a rise of 0.2%, the smallest increase in 33 years and below expectations of 0.6%. One could argue this is actually great for U.S. company profits as low wage growth means more profit for companies but there is a constant push-pull of course. Employees also need to make money to spend more…

The NASDAQ tried to leave the “big yellow blob” but by end of day was drawn right back to its edge. The S&P 500 meanwhile is squarely in the middle of it. (Please note – “big yellow blob” is not a traditional technical analysis term!).

"Gold is building a scary bear flag. This is the opposite of what a bull would want to see – if you flip the chart upside down it would look like a wonderful bull flag forming."

CHARTS and more @

https://www.stocktrader.com/2015/07/31/market-recap-jul-31-2015/