Hello Everyone,
Quick Note: July 10th Comments: No changes in our bigger picture view - we view this move off June lows (3637) as a counter trend rally unfolding - such rallies are quite difficult to map as they can take many forms. For the near term, watch the recent range (see SPX 10 minute chart) for short term direction. Should the SPX want to test higher levels, expect strong resistance between 3950-4020 (gap area) that encompasses the 50 day MA.
Updated comments: Last week, the SPX managed to break out of it's multi-week trading range and moved up into the gap stated above. It came close to filling the gap open gap (4018) but fell just shy at 4012 on Friday before sellers stepped into fold. Big week ahead with several big tech names scheduled to report earnings (see trading community post) as well as the FOMC Decision on Wednesday. I will review the charts below in more detail with the audio portion but one should be prepared for some large gyrations next week. Most importantly, continue to execute upon YOUR PLAN in accordance with your objectives.
Please take a moment to look at the trade ideas.
