Good morning! I hope you had a wonderful holiday weekend! It kicked off with a slow start on Friday as many traders headed out early. Volume in the morning was light, but still workable. By afternoon it was practically nonexistent as only the truly dedicated, or insane, trader remained.

The morning was pretty decent if you stuck to scalping pivots. Support and resistance levels and reversal periods held very well, making the highs and lows within the range reasonably easy to time. This continued into noon when the volume dropped off dramatically and the market went comatose. The 13:00 ET reversal period held as well, creating a small pivot into the early afternoon. From that point the NASDAQ's 15 minute 20 sma held and pushed the indices slightly lower by the last reversal period of the day at 15:30 ET.

There really isn't much else to say about Friday's session, since this type of slow, low volume action is typical of pre-holiday trading. Many of the market participants that showed up for the morning were gone by the time lunch hit, so it led to an even slower afternoon. You'll see this again and again on the Friday before a three day weekend.

I don't have any swingtrades open at this time and don't really see anything that jumps out at me for new ones. The market is looking more bearish overall, but it can easily base for another week before it gives into that urge. Prior lows on the daily and weekly Dow Jones Ind. Ave. will be the next support level, as well as 5/11 lows in the NASDAQ. This is the same zone of the prior Dow lows.

Economic Reports and Events
July 05: Factory Orders for May (10:00 am)
July 06: ISM Services for Jun (10:00 am)
July 07: Initial Claims 07/02 (8:30 am)
July 08: Average Workweek for Jun (8:30 am), Hourly Earning for Jun (8:30 am), Nonfarm Payrolls for Jun (8:30 am), Unemployment Rate for Jun (8:30 am), Wholesale Inventories for May (10:00 am), Consumer Credit for May (3:00 pm)
July 11: -
July 12: -

Earnings Announcements of Interest
Only stocks with an average daily volume of 500K+ are listed. List may not be complete so be sure to always check your stocks' earnings dates before holding a position overnight. (A) = Earnings after the close, (B) = Earnings before the open, (?) = Earnings time not specified at the time of this writing
July 05: -
July 06: SCHN (B)
July 07: CAN (A), AA (A), FLE (B), LI (?), PBG (B)
July 08: -
July 11: DNA (A), PKX (B)
July 12: AMTD (B), MI (B), PEP (?)

Toni Hansen is President and Co-founder of the Bastiat Group, Inc., and runs the popular Trading From Main Street. She can be reached at Toni@tradingfrommainstreet.com.