Top Trade Ideas - July 10th
10 ideas to watch this week.
After what seemed to be an easy four months for the S&P 500, things are starting to lose momentum. Markets are struggling to hold for any significant period of time above August’s swing high. Last week saw us reject off June 16th YTD highs, potentially setting up a double top. Traders need to keep an eye on June 26th lows. A break below this level would put in a new lower low, which could setup some slightly tougher times to come in the short-term.
In FX, last week gave us a slew of US employment data to digest. ADP employment blew expectations out of the water at 497k. Yet despite average hourly earnings being strong, the headline miss in NFPs on Friday saw US yields move lower, triggering a USD sell-off to end the week.
Up head this week, eyes will be on US inflation due out Wednesday as well as UK data, including unemployment on Tuesday and Manufacturing Production on Thursday.