What a massive sell-off we've had last week! All the sectors were in blood red and what to expect this week? Lotsa key economic data will be released this week. While the market continued to make new lows last Friday, there is a slight improvement in the number of stocks making new 20 day low compared to last Thursday. But that figure is still very weak. There could be continued selling pressure early part of the week before we see the tide turn. Remember to wait for confirmation of turn around before going long because you don't want to catch a falling knife!
Near term support for: S&P 500- 200 SMA Dow - 13,200 Nasdaq - 1,533 (also near 50% Fibonacci retracement of uptrend from Mar to Jul high) Mon: Notable earnings: CCJ, APC, CG, CF, EXP, JAH, MNST, MOS, VCLK, VMC, RSH
Tue: Personal Income and Personal Spending, Core PCE Index, Chicago PMI, Consumer Confidence Notable earnings: ADP, AVP, BWLD, CAM, GM, FEIC, CMG, COH, CVH, FSLR, BGC, GPI, IMCL, LCAV, LIZ, MRO, NVT, SIRF, JOE, UA, WFMI, VLO, UTHR