Thread: tsptalk's Market Talk

What a difference a couple of hours makes...

Originally Posted by tsptalk

Nothing overly interesting happening today. Small caps seem to be outperforming, but other than that it feels like a day of rest after the good, but not great, earnings reports last night.

This is the time of July that we tend to see a "sell the news" reaction, even if the news is good, so as Boomer said, the market is showing resilience when it has the excuse to pullback.

Double dose of support getting tested here...

Originally Posted by tsptalk

What a difference a couple of hours makes...

At least a 2% plus difference from 11am to 2:25pm

Originally Posted by tsptalk

It's a second down day for the $NDX (Naz 100) and it hasn't closed down for two straight days since Mid-May, and three straight days... early March.

BTFD

Another test of BTFD --

Small caps now a failed breakout, and flirting with some rising support. A gap remains open just below.




The Naz 100 still hasn't had 2 down straight down days since mid-May but today that streak is at risk.. It's getting a big boost off of a rising support line and is well off the lows, but now the 20-day EMA needs to be recaptured.

The decline in the dollar is getting serious. Is this the start of the crash of the dollar everyone's been talking about for 20 years?

The weekly chart below this daily chart is down testing the 200 week average again, like during the pandemic stock market crash.

Is the dip in Nasdaq over already? It's back above the 20-day EMA after bouncing off the rising support line on Friday.

The bulls may need a late rally to try to avoid what could be a small bear flag forming. Nothing serious yet, but with Amazon, Apple, and GOOG all getting ready to report tomorrow after the bell, that wouldn't be the best set up for those market movers.

High Yield Corp Bonds are back above resistance. The stock market should hold up as long as this does. It doesn't mean this can't rollover - and the Fed could do that later with their policy statement - but as it is now, stocks should do well as long as the support holds on this chart.

The first of the big four earnings reports are out and Facebook beats on top and bottom line.

Amazon, Apple, and Google next...

Amazon also beats big - up $130 a share initially.