Daily Market Review 24 of July
Markets are still negative after another bull annihilation published by Moody’s of a negative outlook for the Euro zone core economies. Finland was the only bright light from Moody’s outlook – affirming stability of its Aaa rating.

While the sell off the main European indices was dramatic - between -2% to -7%, causing authorities to ban uncovered short selling of equities, the U.S market finished at relatively minor losses of up to 1% in the main indices.

Key Data to watch today :

12:30 Canada – Retail sale and Retail sells Ex Autos.
12:45 Fed chairman speaks.

Technicals:

Euro short term resistance is at 1.214, looking negative with a huge potential for a 2% weekly drop.