Black Monday or a Buying Opportunity?

Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Monday, the 23rd of July.

With all eyes on Spain, and the dismal performance in Europe this morning, US equities are under heavy pressure. The question is, is this a buying opportunity? We don't think so. As we were saying all last week the equity markets are coming off a cyclic high period, and should be on the defensive for most of this week.

Many companies will be reporting earnings this week including Apple and Facebook.

Here are the key levels to watch this week, S&P 500, key level 1325. DOW, key level 12645. NASDAQ, key level 2837. If these levels are broken on the downside look for this market to accelerate and be on the defensive for the next 4 to 5 weeks.

Special note: This report was written before the US markets have opened for trading. I will be traveling back to corporate headquarters today and will be reporting from headquarters tomorrow at the usual time. Have a great trading day.

Adam

DAILY SECTORS CHANGES:
Biggest stock changes in each sector for the day

CONSUMER GOODS: -0.63% Biggest Loser PAY -4.52%
SERVICES: -1.00% Biggest Loser LVS -5.55%
HEALTHCARE: -1.02% Biggest Loser HUM -2.41%%
ENERGY: -1.21% Biggest Loser EOG -3.96%
TECHNOLOGY: -1.57% Biggest Loser MSFT -3.12%
FINANCIAL: -0.75% Biggest Loser BAC -2.13%
INDUSTRIAL GOODS: -0.70% Biggest Loser BA -2.77%
BASIC MATERIALS: -1.67% Biggest Loser FCX -4.30%
UTILITIES: -0.66% Biggest Loser FE -0.96%