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US GDP Beat Forecast; Time for Selling into Strength…

Jul 26, 2019 (13:38)

by John Knobel

Dow Jones 30 sell signal; triple top on the RSI spotted; current price 27,173 has broken towards the downside of the multi-month up-trend line (bearish); current price is below its short and medium term moving averages; the recent better than forecast US GDP data may result in the expected July 31^st interest rate cut to be not as aggressive as investors have been pricing into stocks; short positions for the US Dow Jones 30 can be supported for a test of the 26,652 – 26,445 support area;

Market Update:

US GDP beat forecast jumps to 2.1% against 1.8% forecast; however the latest US GDP numbers remain lower than previous 3.1% reading; US Dollar strengthens against other currencies on the better than forecast Gross Domestic Product (GDP) data;
Twitter earnings beat analyst ; 2nd quarter revenue $841.4 million; earnings per share $1.58 ; total ad engagement up 20%; Twitter shares +5.33% in pre-market trading to $40.15;
McDonald's sales beat estimates; however earnings per share remain flat; share price +2% in pre-market trading to $218.75;
Amazon missed earnings as spending on one-day shipping and marketing hold back earnings per share; revenue came in higher than expected; earnings per share $5.22 forecast $5.562; share price is down -$28 (-1.5%) in pre-market trading;
Google pre-market share price +8.54% to $1,234.80 per share after the company beat earnings and sales forecast;

Source: FXGM / Bloomberg

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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