Stocks Grind Higher Into The End of The Trading Day on July 22
Monster Market Commentary

Stocks Grind Higher Into The End of The Trading Day on July 22

July 22, 2020

Stocks – MSFT, TSLA, AMD

Macro – QQQ, SPY, 

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Stocks rose today, aided by a $2.8 billion buy imbalance in the final 10 minutes of trading. The market, for the most part, struggled all day. The S&P 500 pretty much traded within the range that was established yesterday, in a sideways pattern. 

The QQQ continues to test a critical support level twice today around the $262 level and held. It also managed to hold on to the uptrend that has recently formed. For now, the trend in the QQQ continues to be higher. 

Microsoft (MSFT)

Microsoft reported great numbers but is falling after hours. There was nothing wrong with the results; I think it may just be a case of a stock getting ahead of itself going into results. It is hard to beat expectations when those expectations are already sky-high. The stock’s valuation, as I noted in this article, is at its highest valuation in 20 years. It is safe to say expectations were high.  The big question is what happens at the uptrend. 

Tesla (TSLA)

Tesla also reported better than expected results and its fourth quarter in a row with a gap profit. The stock jumped following results, but I’m sure there will be plenty of people finding something wrong with the results. Resistance is around $1,710 and then $1,775. 

AMD (AMD)

AMD broke out on news of a new chip. Not wanted, I want to see. I had thought the stock was going lower toward $49. Instead, it decided to go higher and over $60. Bad call, it happens. There were plenty of signs lining up, suggesting shares fall, but it wasn’t meant to be. (premium content – AMD Breakout, Markets Holding – Midday)

-Mike

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