Daily Market Review 19 of July
Market will monitor the 10 year Spanish auction; a successful auction with yield in the secondary markets of below 6.5% will be considered a relative success.

In the U.S, equity markets have rose to a two month high, with a positive signal from a main market leader – IBM, which released its quarterly earnings in the after markets,  beating expectations to up side with 3.51$ - a share compared to 3.42 market consensus.

Key data to watch today

8:30 U.K – Retail sales.
12:30 U.S – Initial claims.
14:00 U.S – Existing home sales.

Technical’s

The S&P is trading in a bull channel, testing its upper side, a break to the up side of the 1382 resistance will signal a new bull run, with a price target of 1422. We suggest short term selling of equities on 1382 for expiries of up to 10 minutes.