For the bulls, important resistance levels exist at 423.40 yearly top, also at 468.60 which is the 161.8% Fibonacci extension level and at 504.30 derived from the all-time high of 2018.
For the bears important support levels exist at 374.20 where the MA100 lies now, also ar 350.40 low of May 19th and at 340.50 Inside support derived from the January 25th bottom.
• A busier day than yesterday on the reports frontwith job openings from the U.S along with U.S spending plans and tax reforms.
• The Dow Jones Industrial Average and the S&P 500 slipped Monday after closing near record levels last week.
The Dow lost 126.15 points, or 0.4%, to close at 34630.24. The blue-chip index briefly advanced into record territory in morning trading before turning lower. The S&P 500 dropped 3.37, or less than 0.1%, to 4226.52, after the index reached its second-highest close in history on Friday. The technology-heavy Nasdaq Composite rose 67.23, or 0.5%, to 13881.72.
• After several months of blowout consumer credit prints, including two consecutive months in which revolving (i.e., credit card) debt, rose after shrinking 10 of the previous 11 months, America's credit-funded spending spree abruptly slowed in April, when total consumer credit rose by $18.6BN, down from $25.8BN in March (since revised conveniently to $18.6BN), and missing expectations of $20.5BN.
• Crude oil prices on Monday settled moderately lower. Crude prices fell back from a new 2-1/2 year high Monday after China's General Administration of Customs reported that China's May crude oil imports fell to a 5-month low. Losses in energy markets were limited by a weaker dollar.
July WTI crude oil (CLN21) on Monday closed down -0.39 (-0.57%).
• Gold and silver prices on Monday posted modest gains. A weak dollar and a decline in stocks on Monday gave precious metals prices a lift. Gains in metals were limited after hawkish comments from Treasury Secretary Yellen pushed T-note yields higher.
August gold on Monday closed up +6.80 (+0.36%), and July silver closed up +0.122 (+0.44%).
• At 12:30 (GMT) US Trade Balance will be announced. This indicator measures the difference in value between imported and exported goods and services during the reported month. It is released monthly, about 35 days after the month ends.
• At 12:30 (GMT) CAD Trade Balance will be announced. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.
• At 14:00 (GMT) US Job Openings and Labor Turnover Survey (JOLTS) Job Openings report is due. This report indicates the number of job openings during the reported month, excluding the farming industry.
US Indices yesterday:
• Dow Jones -0.36%
• S&P 500 -0.08%
• Nasdaq +0.49%
Sources: Investing.com, forexfactory.com,barchart.com