Will Risk-Off Continue This Week?

12 lug 2020

Coronavirus cases continue to rise in the US and this past week saw sellers come on stronger in the Dow 30. However, late in the week news broke surrounding Gilead Sciences vaccine testing which the market interpreted as good thereby improving risk sentiment to close out the week causing a good rally into the close. Without a doubt, any news releases related to covid, or a potential vaccine will continue to be market movers for the foreseeable future so nothing really new here.US retail sales numbers come out Thursday which will possibly be a catalyst for price action as well so I'll watching that as well. From a technical perspective, market action from last week shows that lower lows and lower highs were set all week long so I remain bearish until I see key levels get broken to the upside and an overall shift in momentum.