Existing home sales weigh on market -> Price continued downward trajectory
5 min Emini Nasdaq 100
Hi,
If you noticed, price is still on a downward trajectory, when will this stop? I don't know, but does this automatically mean that we should go short? No!
Look at the price action today.. candlesticks are highly erractic and there are no clear signals from stochastics or short-term MACD.
Fundamentals.
The May Existing Home Sales report was the day's headlining news item, though it failed to produce a sustainable move in stock prices. Annualized existing home sales for May hit 4.77 million units, which is the highest rate since October, and up 2.4% from the previous month. However, expectations were set on a 3.0% month-over-month increase.