Futures this morning are mixed and the DAX is negative indicating a mixed open. Market condition scans are marginally positive, but energy remains weak. Price action is likely to be choppy today with potential for whipsaw. Caution is advised for anyone who swing or day trades.
CIBC reported earnings this morning. While they were able to increase profits, they missed earnings estimates, which may weigh on the Canadian Banks today.
German business confidence rose last month. Dollar Tree Stores (DLTR) beat estimates and earnings continue to rise. CAE signs $100 million of contracts. US Durable goods orders rose 4.9% in July. The evidence that things are improving continues.
| Index | Change | %Change | Level | Phase |
| TSX | +130.56 | +1.21% | 10920.53 | Bullish |
| DJIA | +30.01 | +0.32% | 9539.29 | Bullish |
| Nasdaq | +6.25 | +0.31% | 2024.23 | Bullish |
| SP 500 | +2.43 | +0.24% | 1028.00 | Bullish |
| Russell 2000 | +2.98 | +0.51% | 583.22 | Bullish |
| NYSE | +26.08 | +0.39% | 6697.22 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: weak
Primary Trend: sideways
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Bullish |
| Technology | Bullish |
| Utilities | Bullish |
| Energy | Bullish |
| Financials | Bullish |
| Industrials | Bullish |
| Materials | Bullish |
| Consumer Discretionary | Bullish |
Source: Telechart
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