Today was a classic summer trading day in which very little happened – the AUDUSD range was the smallest since 5/30 (Memorial Day weekend) and 3rd smallest of the year.
SPY volume as the smallest since 5/27 (just a bit less than volume on 7/6). All the gains in equities were during the overnight session. The weak US session and lack of volume at the top has bearish implications over the next day or so. S&P index support is 1315 (10 pts below closing level).
Focus remains on support in the EURUSD and AUDUSD – at 14140 and 10660.
Key Daily Reversals – none
Largest Daily Range in 10 days – none
