Posted Jul 31, 2015 by Martin Armstrong
As we approach the month-end closing for July 2015, we have a minor monthly bearish reversal at 1155 followed by the key reversal at 1084. The Bullish stands at 1287, so without a closing above that level, nothing has changed.
Crude oil had a monthly bearish reversal at 5650 and 4667. We fell intraday to 4668, holding the critical Bearish Reversal for now. However, lower prices are still on the horizon.
The Dow Jones Industrials will provide a bearish signal on a month-end closing below 17714. Otherwise, the Dow remains neutral for now.
The euro had a Monthly Bearish Reversal at 106.70. So far, the lowest monthly closing has been 107.42.
The markets are pausing for the ECM, setting the stage for what comes afterwards. We will need to pay very close attention here.