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SPX futures are +30 after a correction from 5669 down to 5497 last week. If the bears want to keep active control, they probably need to reject price this week into the 5560-5585 area.
Not all sectors are created equal as the money rotates every few weeks. Now let's dig into some individual names:
ARM is a stronger semi so see how it reacts today. We’ll see if it gets and stays above $166 to see $171ish.
AMZN stopped out most remaining active longs when it failed to hold the $197.60 area. Record Prime results were sold and it hit a low of $180.11 before reclaiming $181.45 on Friday. I'd think $186-$188 gets rejected if this tries to bounce pre-earnings.
PLTR acted well when most names didn't. It hit a high of $29.83. I'm still long some, and it needs to hold $27.80.
GOOGL reports tomorrow after the close. It looks similar to NFLX as it pulled in off the highs but it's not worth an options play yet. GOOGL's recent high is $191ish. The reaction will be important for how we approach these types of names.
TSLA also reports tomorrow. It hit a high of $271 and a low of $233 in the last few sessions after a nice move from $191-$198. It’s hard to tell what's next as it wedges. $245 is active support, then $233. If this pushes, $258 is active resistance. It's flattish this morning.
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Your Tip for This Week: Keep an Even Keel
I don’t know what’s worse: having too much confidence or not enough.
So don’t go overboard celebrating your trading wins.
We want winning to be a normal day at the office — not special occasions that are so rare they’re worth celebrating!
And don’t go overboard crying over your losses, because underconfidence will prevent you from executing on good trades.
You have to accept that losing is part of the game.
Just make sure you lose small, and use those bad trades to figure out what you can improve for next time. If you learn from your losses, you’re at least getting something out of them.
This Week's Calendar
Earnings season continues to heat up this week with GOOGL, TSLA, V, IBM, KLAC, and more! Plus we have the important PCE Price Index on Friday.
Positions Disclosure as of 2024-07-22 at 8.31.20 AM