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no reversal pattern at the moment and trend is still bullish!
Comment
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Comment
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Comment
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The ISM non-manufacturing index fell one point in July to 55.5. Despite the decline, the index remains firmly in expansion territory and signals moderate growth ahead.
-Service Sector Resilience
•The ISM non-manufacturing index slid slightly in July to 55.5, a reading below the average in 2015 but above the average through the first six months of 2016. •New orders rose above 60 for the first time since October, and the business activity reading remained at a healthy level. The backlog of orders component also improved, jumping back above 50 after a brief dip below the breakeven level in June.
- Employment Gains Moderating
•Although the July reading suggests that economic activity outside of the manufacturing sector continues to expand at a moderate pace, the employment component retreated to 51.4 from 52.7 in June. •Given the softer employment readings from both of the ISM indices in July, there is likely some downside risk to our call for nonfarm payrolls on Friday.
First line of support held the index today. Do you reckon we have another leg down?
TheAnonymousBanker
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NFP??? :) :)
hankchef
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Thx for sharing the idea. Do you think 2178 can be easily taken in the next few days?
TheAnonymousBanker
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yes it's possible!
TheAnonymousBanker
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HIT IT!! :)
hankchef
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Well done! Do you see it continues melting up or maybe a retrace here?
Quantum_Maryland_Capital
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Maybe back into the trading range until NFP on Friday although it fell outside of the lower bounds of recent trading today by tagging 2148, an old swing low. Maybe another shallow pullback and then back to business in the old range until Friday. Just guessing but today, as you suggest, did little or nothing to change the prevailing trend up