Daily Preview: Wednesday, July 24
Tuesday, July 23 Review:
We noted that yesterday’s rebound appeared fairly weak, yet we still at least had the setup for more upside. Earnings inherently makes any signal/data point less helpful, given the uncertain nature of earnings and forecasts, and this evenings tech reports seem to have disappointed Wall Street, with futures dropping after the cash session close on TSLA and GOOG reports.
SPX is getting closer to the 5535 Dealer Cluster Zone, which also matches with the 9-day sma and the micdle Keltner channel. So the theoretical buy points also match with what might prove to be an accurate Dealer Cluster Zone where dealers may cover shorts and/or buy.
QQQ followed suit, attempting to rally, almost reaching 486, then dropping back down to below today’s opening price.
QQQ paints a similar relative point to SPX, almost within a Dealer Cluster Zone while a 500 target still rests above. Is this a short-term trading opportunity while we await the rest of the big tech companies to report? Only time will tell, but I would take my chances in taking some risk toward these levels.
NVDA tested then rejected the Hull Moving Average, a positive in terms of validating the indicators I’m using, but a negative for NVDA itself, which may find the footing to dip down to the 111 mark in coming days/weeks.
Looking Ahead To Wednesday:
We don’t have any major tech reports tomorrow, but we will see some degree of opening volatility based on this evenings reports. So brace for volatility and don’t be afraid to really wait for a good setup. You don’t have to trade every possible setup!
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