USO ETF (Crude Oil ETF) it may test the lower side of its bullish channel

MARKET RECAP 18/07/18  

Record high for Nasdaq as FAANG rebound

Nasdaq100 opened with a gap down and buyers went in control as positive market sentiment turned on before the earning release of the FAANG members. Only NETFLIX released its earnings, while FB (26/7), AAPL (31/7), GOOG (23/7) and AMZN (26/07) are rallying since their last month low, but with some divergences as FB, Alphabet and Amazon are on their record high while Apple and Netflix are relatively weaker.  Nasdaq100 closed at 7,403.89, up 45.93 points or 0.63%.

EIA Crude Stocks data (consensus at -3.495M and previous at -12.63M) is likely to trigger intraday volatility as Crude Oil is down for the third consecutive session. The commodity reached a 4 year high on the beginning of this month at 75.27 $/barrel and this morning is trading at 66.58 $/barrel.

EURUSD is dropping for the second consecutive session at 1.1612 while USDJPY made a bullish breakout of its supply line generated 3 years ago.

Bullish breakout of the supply line generated in 2015 for USDJPY

Bullish Channel for Nasdaq100

Multi-ASSET Research