Daily Update

As anticipated by cycles (noted in weekend post), we got the expected follow though in uptrend for S&P. Expectation is for uptrend to continue further as long as we hold above hourly and 4-hourly trend levels at <SP_HT> and <SP_4HT>.

US Dollar Index futures hourly and 4-hourly trend level moves to <DXY_HT> and <DXY_4HT>. Daily resistance of <DXY_DT> need to hold and turn down price finishing wave 4. A close below hourly trend level will confirm it. However, if price decisively closes above the daily trend level invalidating a potential 5-wave decline (and only an ABC decline), then it is likely possible the uptrend continues till <DXY_Day> as part of short-term daily cycle.

EURUSD hourly and 4-hourly trend level moves to <EURO_HT> and <EURO_4HT>. Need to hold here and not decline much to go back in downtrend.

PMI manufacturing index marginally increased to 50.6 from previous 50.5. ISM manufacturing index reduced to 51.7 from previous 52.1. Construction spending dropped to -0.8% m/m and -2.3% y/y.

S&P Daily - 07/01/2019

US Dollar Index Futures - 07/01/2019