TraderMongers: Day Trading Economic News Analysis July 23, 2010

S&P 500

One week ago we suggested that the market will sell off on Friday due to traders and investors not holding their positions over the weekend. We are currently holding this belief going into this Friday – either the market sells off or trades flat. The rally of the markets today due to strong earnings pushed the dollar lower against the euro as traders took more risk.

During a testimony between Ben Bernanke and the House Financial Services Committee, the Fed Reserve Chairman spoke about further stimulus actions. Looking at the Asia markets China is expected to slowdown and Japan was downgraded by Credit Suisse.

We only rallied to about the same level as last week on the 5 minute chart of the S&P 500 as traders relieved their positions last Friday and bought up their shorts this week.

TO BE CONTINUED WITH CHARTS AND VIDEOS HERE!

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About the Author:
Shamim Ziyaaudhin is one of the editors of TraderMongers.com a one stop trading news feed source for worldwide traders and investors. Their philosophy is to establish the standard for providing market news feed that is comprehensive, accurate, and concise. Providing technical and fundamental trading setups, economic numbers, and calendar events throughout the trading day. Shamim has a Masters in Business Administration from Fairleigh Dickinson University and holds a degree in Psychology from Rutgers University. Click here to subscribe to Tradermongers Live News Feed
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