Hello Everyone,

A monster week for news/events/earnings has led to some wild gyrations - notably yesterday into early today with blowout results from MSFT/META leading to another poke of the highs (following a corrective decline). After hours today, we see a much more subdued reaction with from AMZN but a decent reaction for AAPL. Solid headline results for both but subpar results for Amazon's AWS have seen the stock retrace after reporting while AAPL is up slightly.  Overall, we have seen some distribution (see last 3 days volume on SPX/QQQ) under the surface with small caps in particular lagging.  Nasdaq new 52 week lows are the highest since April. This price action combined with a FED that remains hawkish leads one to a more cautionary stance as we approach weaker seasonality time frame (September).  Keep an eye on the 20 day MA just below for the SPX/QQQ (IWM already trading below).  To cap off the week, we have the Monthly Payroll report tomorrow along with the Tarff deadline for those without deals. A bounce attempt that forms a lower high could set up a Right Shoulder as I see five waves down on the SPX smaller time frame.  Now is a good time to review your portfolio/holdings and make any necessary adjustments - follow your plan. 

ES Levels Posted in Trading Community (Note: Front Month has Shifted to September ESU25)

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