The S&P 500 continued its advance on July 23, rising by 20bps, to 2806. It managed to retest the support around 2,794 yet again and again held, falling as low as 2,795. The index pretty much rallied from that point forward for the balance of the day.

Alphabet

Alphabet posted strong results after-hours beating on both the top and the bottom line. The results look pretty solid, with the one exception for the $5 billion in EU fines. More tomorrow, but the stock was trading up about 4 percent after-hours to a new high $1256.

That makes me 1 for 1.

Banks

The banks continue to rally, and the XLF is attempting to break out and should it rise about $28, it would signal just that. But for now, the financial ETF failed on two attempts today at $27.98. So I live to fight one more day. Break out, and tomorrow I will admit defeat, for overstaying my welcome.

Goldman also tried and failed.

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Amazon

It would seem the only force able to stop Amazon, and its conquest of the world is Pres. Trump. One tweet got the stock moving lower today. $1760 is technical support in case another twitter attacked comes again tomorrow. It may be a blessing in disguise for those that want to get in ahead of numbers on Thursday afternoon. One never knows.

Micron

So what is up with Micron, I thought this one broke out, but all of sudden it doesn’t look so good anymore. A failed break out, or just lousy chart reading on my part? I re-drew the chart creating a higher level downtrend, along the highest points, thinking maybe it would show the stock failed at a resistance level. But that is not the case. It leaves me to believe this was a freak reversal, dragged down with the rest of the semiconductors sector. A failed breakout, very disappointing. We can see where it goes tomorrow before I make any more bold calls.

JD

Someone was asking me about JD.com and being honest this looks like a scary chart, a head and shoulders patterns, but it hasn’t broken the neckline yet. So it hasn’t officially broken down, however. If I had to guess, I put the odds of it going down from here at about 90 percent, and 10 percent on it rising. Some will argue it filled a gap, and I will say it filled the gap about four times now, so filling the gap is not in play here. So if you want to gamble and bet on a bounce back, go for it. But the odds are like not with you.

Anyway, I will do a little self-promoting once again. In my subscriber area, people can post questions via a chat room, and I respond much quicker and also get back to you as fast as I can. Additionally, I usually put the questions into the day’s video, to show you how I came up with the answer. The introductory rate is just $20 a month, cancel at any time, plus the first two weeks free.

Today, we talked about the banks in a bit more detail then I did in this write-up, also I went through a series of chart and such regarding potential post-earnings stock moves. Anyway, check it out if you want. No pressure here. I have always been told I’m the greatest salesperson, which is probably why I enjoy writing.

Banks Breaking Out? Getting Ready For Big Week Of Earnings

Have a great night.

-Mike

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Photo edit via flickr

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