US Stock Market:

• Dow Jones rises for a 14th consecutive session, adding about 80 points.
• S&P 500 gains 0.8%, Nasdaq up 1.5% as investors welcome fresh data and corporate earnings.
• Meta Platforms, Comcast, and McDonald’s surge on strong earnings and revenue results.
• Intel, Ford, and T-Mobile to report after the closing bell.

US Economy and GDP:

• US economy grows 2.4% in Q2, exceeding market expectations of 1.8% expansion.
• Robust GDP growth signals the economy’s resilience to higher interest rates.

US Dollar Index:

• Dollar index jumps above 101, erasing early losses on strong data.
• Federal Reserve’s tightening campaign may continue in September as data supports the case.
• Fed Chair Jerome Powell emphasizes a “data-dependent” approach for future rate decisions.

US 10-year Treasury Yield:

• Yield rises to 3.9% as strong US data reinforces the view of continued tightening.
• Initial jobless claims sink to the lowest in five months, indicating a tight labor market.

Technical Perspective E-mini S&P 500

The market is displaying some weakness on the daily interval, suggesting the potential formation of a balanced price range with a possible pullback, providing an opportunity to load up on core long positions.

The short-term perspective has already retraced about 50% of today’s higher rotated price range, leading traders to anticipate potential selling patterns around the swing highs in the upcoming day’s session or week’s session.

The rise in the dollar and the presence of negative volatility indicate a mixed and potentially balanced market behavior.

(Click on image to enlarge)

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