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InvestmentHouse Weekend Market Update:

http://www.investmenthouse.com/weekendmarketsummary.htm

- Same news, but market bounces this time because it was technically ready to do so.
- JPM, WFC earnings not spectacular, but don't reveal any new horrors. Financials bounce and thus SP500.
- Indices put in another higher low, and despite a pretty sharp fall the past week, that keeps the overall positive basing action.
- Leaders rebound nicely as do most stocks after the oversold condition.
- China GDP slowest in three years . . . at 7.6%.
- Singapore GDP falls 1.1%
- Producer Prices stage a rebound while the core again rises at 0.2%
- Michigan Sentiment, expected to rise, falls.
- Lots of earnings, lots of economic data, Bernanke testimony, and still room to move upside in the week ahead.

Same old stories as when the market sold, but stocks were simply ready to bounce.

Just another day of the same news for world economies . . .

It was just another day in the world economic markets. In other words, the world economies continue to show the same troubles that they have for months and, yea verily, even years now. China's GDP slowed down to the slowest level in three years, but that was still at 7.6%. Nonetheless, it is the trend. Remember that our labor secretary said it is the trend that matters. That is true in terms of the Chinese GDP because it continues to slow. Moody's cut Italy closer to junk status. It arguably needs to be there already. Michigan Sentiment was weaker than expected. It was supposed to rise, but it came in lower at 72 versus 73.2. Singapore is where Jim Rogers lives now because it is supposedly the freest, most business-friendly country in the world. Its GDP was -1.1%, and it is struggling as well. We noted that yesterday with my Levi's jeans picture. Levi's has a big slowdown in Asian markets for its jeans, and that is always a hot market for its denim products.

Lots of problems, indeed, but stocks sidestepped the issues and rebounded. You could say it was because JPM's losses were not as horrendous as feared (and JPM was up almost 6%) or that WFC's inline earnings were a big relief for everyone. Indeed, WFC jumped 3.23%. But recall that the market was simply oversold. For the past two evenings I have been talking about how the market was down five to six days and was showing doji near support. Looking at the SP600, on Thursday there was that big doji that held the 50 day EMA. Then we saw the bounce to the upside. There may have been some decent news. I guess you could say that the financials helped spark the move, but there was enough bad news to offset these relatively minor earnings beats or inline results. Maybe it was just relief that it was not worse. That is the same thing as an oversold bounce. Am I right or am I right? That is what Ned the Head would say.

Yes, Ned, in the end you were right, and that is exactly what happened. And -- bing! -- the markets moved right up. A nice, solid bounce off of that oversold condition and the pullback. What happened? We had a higher low. You can see the third higher low on the SP600. Higher high, higher low, higher high, higher low, and now could it possibly be that the indices will move to a higher high again, surpassing the early-June peak and playing in the range of the post bear market stock market highs from earlier in 2012? We will see. They certainly started that attempted move on Friday.

Stocks were up all day. It was not exactly clear that they would hold onto their moves heading into the open, but futures did hold modest gains. We were somewhat concerned that it was not a big bounce, but that was good in retrospect because a big bounce typically flares out in a weaker market. This one opened more like a flat market with modest gains, and it built into them quickly and held the gains all the way through the session. Very good high to even higher action on the day. That is following those six days to the downside that set up the oversold condition, but they did so at a higher low.

SP500, +1.65%; NASDAQ, +1.48%; Dow, +1.62%; SP600, +1.42%, SOX, +0.94%

SOX has been down 1-2% or more. It bounced but we did not expect to lead. I have been saying it would follow but definitely not lead, and it was surely in the following position. Other than that, the rest of the stocks were up evenly. Growth lagged the NYSE large caps, but they were parallel in their moves.

OTHER MARKETS.

Dollar. 1.2249 verse 1.2196 euro. The dollar continued an advance overall against its basket of other currencies, but it was unable to move higher against the euro. It stalled out a little bit to end the week, tapping lower, but each day it rebounded off of those lows. It still looks as if wants to move higher. That is not a dollar that is anticipating Fed action, but if you look at a lot of headlines, the reason the market was up on Friday was supposedly because of possible Fed action next week. That is the way it has been of late: possible Fed action next week. We keep looking for that, but it will not come anytime soon. We will let stocks rise in anticipation, but the dollar is definitely not factoring in being undercut by more Fed stimulus.

Bonds. 1.49% versus 1.48% 10 year US Treasury. Bonds were basically flat. A strong move over the past week to the upside, and kind of tailing off at the end of the week. Still below the late-May/early-June peak, but it is making a good showing of moving to the upside and challenging those levels. That would be based on a weaker US economy and weaker economies elsewhere that are putting funds from other countries into US Treasuries. And if the Fed does want to start some asset buying, that could help bonds as well. Thus we see the bond market improving and holding gains.

Gold. 1,578.70, +13.40. Gold enjoyed a good session. Afterhours it was higher near 1,588 or thereabouts. Gold sold most of the week, held at support, and bounced with a doji on Thursday and continued higher on Friday. It is still in the range. It is not out of it by any stretch. It has been banging around in the same range since mid-May. That does not mean it will break out this time, although it has put in a couple of higher lows. We will watch, but it is not imminent in terms of a breakout. It just will not give up more ground.

Oil. 87.40, +1.38. A lateral week for oil, consolidating the break of the May to June downtrend. It held near support. It bounced up and down all week, and then Friday is broke higher. We will see if it can make the real breakout over the early July peak; that is the next level it has to deal with along with the 50 day EMA. Questionable, but there are still tensions in the world with even more reports of weak economies. That is helping to bolster the price of oil, although it is clearly off of its prior highs.

TECHNICAL SUMMARY

Internals.

The internals were somewhat lackluster again.

Volume. NASDAQ, -21%, 1.33B; NYSE -12%, 623M. No volume to accompany the moves, but it was a Friday in the summer with light volume already, so that is not surprising. It is an oversold bounce. If it wants to do more, we will see if it can handle it. I will also note that the upside moves have not occurred on a lot of volume in any regard, whether it is at the start of the move, on the test, or on the bounces off of those tests.

Breadth. NASDAQ 2.7:1; NYSE 5:1. Breadth was lackluster. The small caps and mid caps played a big role in pushing the move to the upside.

THE CHARTS

SP500. SP500 came off of those twin doji and the lower reach on Thursday. A nice reversal. A solid move but no volume, as noted. It does not really matter. As you recall, a lot of these moves had very little volume on the way up. We had the lower low back in late-May/early-June, and the doji off of that. That was the head of the inverted head and shoulders. The breakout, the test, and a marginal higher low that did hold. A new break to a higher high, and then a higher low this past week. Looks as if SP500 wants to rally and challenge the July highs at 1375. That is the next key level, and it is just about 19 points away. After that we look for a move near 14-15. That was the target. That is the higher-high target that we are looking for it to hit. It has a series of higher lows and higher highs. We will see if SP500 can put in the old higher high

DJ30. The Dow showed similar action. It bounced off of a doji as well. It had a higher low above the 200 day EMA and the June low. A nice break through the 50 day EMA. It is on its way to the June high as well at 12,961. That breaks it out and gives it a shot at these triple tops from earlier in the year at 13,250.

NASDAQ. NASDAQ bounced as well, as it should have, off of that nice doji at support. It moved through the 50 day EMA as well. Very low, below-average volume. Quite disappointing in that sense, but just continues to build. The high in March, the selloff, the inverted head and shoulders, the breakout, the higher low in late June. There is the higher high, now a higher low in mid-July, and a new break to the upside. Target? Remember 3,001. There is this gap point from early May, and that is what we are looking for in this move to a higher high. That would not be much of a higher high, and it might make it up to the gap down point at 3,025. That would be a good target for this run. It can definitely do it ahead of earnings or as they start to unfold given the nice oversold condition that it is bouncing from and the positive higher lows in this ongoing base. Remember what I said the other day: This is not a selloff; this is a base. Higher lows and higher highs. This is building -- or at least trying to build -- for something better. That applies not only to NASDAQ but all of the indices that we review.

SP600. SP600 had a nice 1.4% move off of a doji at the 50 day EMA from Thursday. Nice, orderly pullback. It held above support and other interim highs and prior lows, and it bounced. Excellent action. Looking for a run to 455-ish, which is the early-July peak. It should make it past that. It should get up around 460-462 with a higher high on this move.

SOX. The SOX posted the laggard move of the day. It could not even rally 1% in a strong overall stock market bounce. I do note that it is at the early-June low. It held that level and is trying to bounce. It is a logical point to bounce inside of this trading range that peaks out near 390. It closed at 357, and that gives it plenty of room to follow the other indices back up and not have to break out from its trading range. That is good because it does not look as if it would want to break out of its trading range given the lackluster performance of the index. Semiconductors are now commodities, and therefore they perform as such overall. There are certainly individual stocks that are in individually hot markets for semiconductors, but overall the PC chip makers, the memory makers, etc. are not performing as well.

LEADERSHIP

Big Names. AAPL had a good week. It faded in a nice test, held above key levels, and started to bounce. It was not an impressive day on Friday, just a bounce as you would anticipate. There was some talk on the afterhours shows about GOOG running up to 700. It could do that. It is down near support and trying to bounce. It did bounce up on Friday, but it was nothing major on this move either. It was only up 1%, similar to AAPL. Not a lot of big movement from some of the big names. PCLN is a high-value stock. It has not been a market leader, but it shows the same thing: no major movement. It was down all week, and there was not much of a bounce on Friday. It is a bit disconcerting that these big names are not powering ahead. It is also interesting to note that they are still basing similar to the indices, but that other stocks are stepping up and managing to push the market to the upside.

Homebuilders/Materials. The home builders were back in the mix. KBH jumped but closed well off of its high. BZH had a tough session. It closed down almost 1.5%. Some of these leaders were not that strong, from the big names, some of the home builders, and even the materials suppliers for the home builders. That, too, is somewhat disconcerting.

Financials. Financials performed well given the earnings. JPM and WFC posted nice moves. BAC posted a solid 4.5% bounce. They were ready. Remember I said that they were set and, if they got just a bit of decent news, they could bounce. They did just that, and they were moving up quite nicely.

Industrial. Industrials also made a move, but it was more of a relief bounce. CMI bounced but on lower volume. The same thing you will see with CAT. It was a bounce but not a lot of pop.

Energy. We have not looked at energy in a while, so I will look at a cross section of energy stocks. As oil prices have bounced and firmed, so have the patterns of the energy stocks. APC held over the 50 day EMA. Nice Thursday and Friday moves. HAL bounced. It held decently but it was nothing major. Looking at some of the big names, CVX bounced as well. It is very similar in pattern to APC. They moved up, firmed, and are moving laterally and trying to consolidate. Not bad action there.

Retail. Retail remains very much mixed. COST started to break higher out of a pennant. RL is still bumping along in the same range for the past 2.5 months. You have feast or somewhat famine from the retailers. I like I what I saw with SBUX. Nice bounce the past couple sessions. We picked up some positions on it to see if this big-name retailer can continue what looks to be a good base-building process and a point where it is ready to make a higher move inside of its base.

We do have retailers that are still looking solid. We also have some that do not, but it is a very big sector. Frankly the mix is interesting because a lot of the retailers that are performing better are, of course, the big value discounters such as DLTR and COST. They are performing, but it is also interesting to see a stock like SBUX performing and trying to move higher as well.

Drugs/Healthcare. This sector was under a little pressure but seemed to be pulling it out of the hat toward the end of the week. We saw improvement across the board. ABAX started to move back up. It was representative of many stocks in this area. EXAS broke higher on the week after moving laterally. OREX enjoyed a great week, and BCRX enjoyed a nice week as well. A lot of these are in the drugs. Biotechs are still getting money pushed their way. We have been picking up those positions, again, as they started to break to the upside.

Summary. What do we have? As I talked about earlier, there is some more of the same. We have the same areas getting money. But note that some of the big names, while they are still in a basing process, do not look as strong or are not leading as hard as they were. That is what worrisome. But then we see other stocks that have been down but are now breaking upside. FAST in materials and construction is one of them. It goes along with some others that have been beaten down but are moving higher from good patterns such as SBUX. We could be getting another wave of leadership building in, and that is exactly what the market needs. You have to have new waves of leaders come in to push the market higher on new legs. The market has been moving on up with the higher lows and higher highs, and it will need stocks to carry it to that next higher high.

THE MARKET

SENTIMENT INDICATORS

VIX: 16.74; -1.59
VXN: 19.09; -1.88
VXO: 16.08; -1.99

Put/Call Ratio (CBOE): 1; +0.02

Bulls versus Bears

This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market, then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market does not have the cash to drive it higher.

Bulls: 44.7% versus 42.5%. Continuing an impressive run after undercutting 35%, the threshold for bullishness, in early June. You would expect it to rise and it has. Still not at a dangerous level, just working as it should. As noted, hit 34% in early June. It did its job and the market is on the rally. Hard drop to 34 from 39.3% as economic reality and a choppy stock market hit. Off the 55+ level hit in late February. That was the highest level since April and May of 2011, the peak of the post-bear market high. 35% is the threshold level suggesting bullishness. To be seriously bearish it needs to get up to the 60% to 65% level.

Bears: 24.5% versus 24.5%. Holding basically at the same level for over a month. 24.7% before, and 25.6% before that. Never got close to the 35% level that is bullish, but it looks as if the bulls did the work. Over 35% is the threshold to be really be a good upside indicator. For reference, bearishness hit a 5 year high at 54.4% the last week of October 2008. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment. Prior levels for comparison: Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). That was a huge turn, unlike any seen in recent history.

NASDAQ

Stats: +42.28 points (+1.48%) to close at 2908.47
Volume: 1.33B (-20.93%)

Up Volume: 994.33M (+515.45M)
Down Volume: 330.25M (-909.75M)

A/D and Hi/Lo: Advancers led 2.68 to 1
Previous Session: Decliners led 1.37 to 1

New Highs: 116 (+61)
New Lows: 34 (-34)

SP500/NYSE

Stats: +22.02 points (+1.65%) to close at 1356.78
NYSE Volume: 623M (-12.01%)

Up Volume: 2.81B (+1.835B)
Down Volume: 381.64M (-2.228B)

A/D and Hi/Lo: Advancers led 4.97 to 1
Previous Session: Decliners led 1.7 to 1

New Highs: 202 (+99)
New Lows: 17 (-41)

DJ30

Stats: +203.82 points (+1.62%) to close at 12777.09
Volume: 121M shares Friday versus 148M shares Thursday.

MONDAY

Next week is a big week. Lots of economic data of all kinds and of all import. We have retail sales, the New York PMI, industrial production and capacity, the CPI, and the core CPI. Those are the consumer prices. Housing starts are always big. Then we have initial claims and existing home sales and the Philly Fed on Thursday.

On top of all that, we have earnings starting next week, and lots of them. Thus far we have not seen any of our plays or positions deal with earnings. We have picked up some immediately on the heels of earnings, but we have not had them go through earnings yet. We saw some that are approaching; if they are not moving well, we will pare them off. We would like to, as per our plan, get a continued move to the upside for the market overall as the earnings get underway. The key will be what happens when the first big names start announcing. Will the market slam back? As noted, today JPM and WFC announced, and the move was positive for the market. That is great. That is what we want to see keep up. We want that initial euphoria or just "this is not as bad as everyone said it was."

As I said on Thursday night, it may not be as bad as everyone thinks. People have turned so negative on earnings. I am negative about earnings, but even so, I have to realize that when everyone else gets overly negative that the market is ready to bounce simply because people have discounted too much bad news -- more than is really going to be there. That is exactly what we are seeing with the charts and the stocks rebounding: higher lows and higher highs. We have put in what looks to be a higher low now, and we will be looking for a higher high as the week continues.

What do we do with that? Will we be like the dog that caught the car and does not know exactly what to do with it? No. We want a continued oversold bounce that takes it up to our next logical target. That is 14-15 or so on the SP500, which puts it at a higher high, and then take profits from there. Maybe not all of them off of the table, but a good chunk of profits. We will be doing that as the market moves to the upside. We have great positions that we have already had in place which survived this selling, held support, and are now moving up. We have others that we picked off as the market started to bottom and started to move higher. We have taken some gain and we will continue to take gain as the market makes that move.

The question is: Do we want to take more positions as the market moves? We can do that. Some stocks will not announce earnings for quite some time. Others have already announced them, and we can try to move in on plays with those. But the point to remember is that the more movement we get to the upside, the less we want to buy. That is because you are running out of room to make the money you want to make. That is why we have been buying as the market started to turn off of this low. We will let them rally, take some gain, and maybe even take more (or all) off the table as earnings approach.

I still think earnings will ultimately be a disappointment. But early on, given the fact that those indices have pulled back into the numbers, they have a prime technical bounce ahead of them from the looks of it. I also have to say, as noted earlier and on Thursday, that the indices continue to build bases. These are not selloff patterns. We are having higher lows and higher highs, and a good rounded-bottom base. That is a positive. As long as we get new leadership coming to the fore -- with stocks that have been dormant maybe showing life -- then the market gets that extra push it needs to continue the move to the upside. Again, new leadership blood has to show up, and it looks as if there is some even as other areas that were solid are struggling a bit and are not putting in the same kind of move that the rest of the market is. Again, that is normal. A rally market will do that. Leaders have to pause and let others come to the fore. We will see if we get more of those. We definitely got good pullbacks in the stocks we wanted to see. A lot in the drug area did very well and some of the others like banks. It looks like the hold builders are trying to do that as well.

We have some good pullbacks, and we are able to take advantage of them. We will try to do the same with an eye on earnings up ahead and with an eye on the logical targets up ahead as well. Remember that this is still an economy that is falling, that the world economies are still in trouble, and that a lot of this move may be based on expected future stimulus from the Fed that would move the market higher. That seems like kind of a stretch, I know, but with the weak economic data, that is about the only thing you can attribute this to other than the economy actually recovering. I cannot see that as a possibility, but I cannot totally rule that out. That is just the way the market works.

We will let these positions run. We will make some money next week, and we will see just how far this higher low can move. Have a great weekend!

Support and resistance

NASDAQ: Closed at 2908.47
Resistance:
2910 is the recent March 2012 low
2942 is the mid-June 2012 high
2950 is the mid-April closing low
2962 is the April 2012 low
3000 is the February 2012 post-bear market high
3024 is the gap point from early May
3026 from 10/2000 low
3042 from 5/2000 low
3076 is the late April 2012 high
3090 is the mid-March interim high
3134 is the March 2012 post-bear market peak
3227 is the April 2000 intraday low
3401 is the May 2000 closing low

Support:
The 50 day EMA at 2900
2900 is the March 2012 low
2888 is the May 2011 peak and PRIOR post-bear market high
2879 is the July 2011 peak
2862 is the 2007 peak
2841 is the February 2011 peak
2816 is the early April 2011 peak.
The 200 day SMA at 2811
2810 is the low in the shoulders
2754 is the October 2011 high
2706 to 2705 is the April 2011 low and the February 2011 and consolidation low (bottom of the trading range) 2723 to 2705 is the range of support at the bottom of the January to May trading range
2686 is the January 2011 closing low
2676 is the January 2010 low and the December 2011 peak
2645-2650ish from December 2010 consolidation
2643 is the September 2011 high
2612 is the late August 2011 peak
2603 is the March 2011 intraday low (post-Japan low)
2599 is the June 2011 low and NASDAQ

S&P 500: Closed at 1356.78

Resistance:
1357 is the July 2011 peak
1359 is the April 2012 low
1363.46 is June 2012 high
1371 is the May 2011 peak, the post-bear market high
1378 is the February 2012 peak
1406 is the early May 2012 peak
1422.38 is the Post-bear market high (March 2012)
1425 from May 2008 closing highs
1433 from August 2007 closing lows
1440 from November 2007 closing lows

Support:
1344 is the February 2011 peak
The 50 day EMA at 1342
1340 is the early April 2011 peak
1332 is the early March 2011 peak
1309 is the right shoulder low from June 2012
The 200 day SMA at 1307
1295 to 1294 is the April 2011 low and the February 2011 consolidation low (bottom of the trading range)
1293 is the October 2011 peak
1275 is the January 2010 low, early January 2011 peak
1267 is the December 2011 peak
1258 is June 2011 intraday low
1255 is the late December 2010 consolidation range
1249 is the March 2011 low (post-Japan)
1235 is the mid-December 2010 consolidation low
1231 is the late August 2011 peak
1227 is the November 2010 peak
1220 is the April 2010 peak
1209 is the mid-August 2011 high

Dow: Closed at 12,777.09
Resistance:
13,056 is the February 2012 high
13,058 from the May 2008 peak on that bounce in the selling
13,297 is the April 2012, post bear market high
13,668 from 12-2007 peak
13,692 from 6-2007 peak
14,022 from 7-07 peak

Support:
12,754 is the July intraday peak
12,716 is the April 2012 closing low
The 50 day EMA at 12,694
The 200 day SMA at 12,458
12,391 is the February 2011 peak
12,369 is the left shoulder low from May 2012
12,284 is the October 2011 peak
12,258 is the December 2011 peak
12,110 from the March 2007 closing low
12,094 is the April 2011 low
The June low at 11,897 (closing)
11,734 from 11-98 peak
11,717 is the late August 2011 peak
The August low at 11,702
11,555 is the March low
11,452 is the November 2010 peak
11,178 from November 2010
10,978 is the bottom of the November 2010 consolidation
10,750 from September 2010
10,720 is the August closing low
10,705-710 from January 2010 peak
10,694-700 from August 2010 peak

Economic Calendar

July 9 - Monday
- Consumer Credit, May (15:00): $17.1B actual versus $9.5B expected, $10.0B prior (revised from $6.5B)

July 11 - Wednesday
- MBA Mortgage Index, 07/07 (7:00): -2.1% actual versus -6.7% prior
- Trade Balance, May (8:30): -$48.7B actual versus -$48.9B expected, -$50.6B prior (revised from -$50.1B)
- Wholesale Inventories, May (10:00): 0.3% actual versus 0.3% expected, 0.6% prior
- Crude Inventories, 07/07 (10:30): -4.696M actual versus -4.270M prior
- FOMC Minutes, 6/20 (14:00)

July 12 - Thursday
- Initial Claims, 07/07 (8:30): 350K actual versus 375K expected, 376K prior (revised from 374K)
- Continuing Claims, 06/30 (8:30): 3304K actual versus 3300K expected, 3318K prior (revised from 3306K)
- Export Prices ex-ag., June (8:30): -1.4% actual versus -0.6% prior (revised from -0.5%)
- Import Prices ex-oil, June (8:30): -0.3% actual versus -0.1% prior
- Treasury Budget, June (14:00): -$59.7B actual versus -$60.0B expected, -$43.1B prior

July 13 - Friday
- PPI, June (8:30): 0.1% actual versus -0.6% expected, -1.0% prior
- Core PPI, June (8:30): 0.2% actual versus 0.2% expected, 0.2% prior
- Michigan Sentiment, July (9:55): 72.0 actual versus 73.5 expected, 73.2 prior

July 16 - Monday
- Retail Sales, June (8:30): 0.2% expected, -0.2% prior
- Retail Sales ex-auto, June (8:30): 0.1% expected, -0.4% prior
- Empire Manufacturing, July (8:30): 3.8 expected, 2.3 prior
- Business Inventories, May (10:00): 0.2% expected, 0.4% prior

July 17 - Tuesday
- CPI, June (8:30): 0.1% expected, -0.3% prior
- Core CPI, June (8:30): 0.2% expected, 0.2% prior
- Net Long-Term TIC Fl, May (9:00): $25.6B prior
- Industrial Production, June (9:15): 0.3% expected, -0.1% prior
- Capacity Utilization, June (9:15): 79.2% expected, 79.0% prior
- NAHB Housing Market , July (10:00): 30 expected, 29 prior

July 18 - Wednesday
- MBA Mortgage Index, 07/14 (7:00): -2.1% prior
- Housing Starts, June (8:30): 743K expected, 708K prior
- Building Permits, June (8:30): 765K expected, 780K prior
- Crude Inventories, 07/14 (10:30): -4.696M prior

July 19 - Thursday
- Initial Claims, 07/14 (8:30): 365K expected, 350K prior
- Continuing Claims, 07/07 (8:30): 3300K expected, 3304K prior
- Existing Home Sales, June (10:00): 4.65M expected, 4.55 prior
- Philadelphia Fed, July (10:00): -10.0 expected, -16.6 prior
- Leading Indicators, June (10:00): -0.2% expected, 0.3% prior