Pre-Open Commentary | July 26, 24

Condensed Insight Before the Bell.

Key takeways:

Yesterday’s economic data have changed macro model just slightly; it keeps bullish sentiment on slow metric and now also on fast one. Macro sentiment is somewhere between mid and long term timeframe, but its still important factor in couple midterm strategies.

If you ask me, if this decline of last few sessions is a prelude to something bigger (like a crash maybe), I would definietly say NO. In my view - especially cyclical one - this is a correction and as bad as it might seem (for some people I guess), I do not expect this to be something different than the corrections we already had in this up cycle.

By the way, for those who watch our tradingview study Volatility Cycle, look where we bounced and how big is a correction. Basically 2 ranges down (that lower band was actually part of support zone I gave yesterday but because it’s moving a bit during session it can not be precisely given, basically it was 40s area).