Stocks Finish Higher July 27 As Turnaround Tuesday Approaches
Stocks rose on July 27 but had nothing new to say, with everything just recovering some of last week's losses.

Stocks Finish Higher July 27 As Turnaround Tuesday Approaches

July 27, 2020

Stocks  – DIS, AMZN, NVDA, NXPI

Macro – SPY, QQQ

Mike’s Reading The Markets (RTM) Premium Content – $35/Month or $300/Year

Stocks rose on Monday. It was rather dull, as not much changed today from last week. The significant level that matters most in the QQQ is the $262 level. That is likely to act as strong resistance, and where the ETF is likely to stop rising if the trend has changed from bullish to bearish. 

S&P 500 (SPY)

Additionally, there was some bearish betting in the S&P 500 I reviewed today in a video. The index is hanging around resistance at 3,235, with the next region of resistance up at 3,275. (Mike’s RTM Premium Content – S&P 500 Put Buyers + Dollar’s Gloomy Message)

Amazon (AMZN)

Not the best sign that Amazon tried to get over resistance today and failed. We will see what happens tomorrow. The company reports results Thursday. I still tend to think this one moves back to 2800. I haven’t seen much to change my mind. 

Nvidia (NVDA)

Nvidia was up today but continues to hold that downtrend we have monitored the last few days, and I have yet to see any changes to option betting. It continues to indicate to me we see more downside.  (Mike RTM premium content from 7.13 – Bearish Betting Persist For NVIDIA)

NXP Semi (NXPI)

NXP Semi is trading lower after reporting revenue that missed estimates, and inline guidance. For now, the stock is holding support at $115.  The next level doesn’t come until the $107- $108 region.  

Disney (DIS)

Disney is sitting on its uptrend, and a break of that trend line sends shares lower to $109. Frankly, it is hard to believe this one isn’t lower already. 

That’s all. More tomorrow, I guess…

-Mike

 

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