The scenarios outlined with the dashed orange lines on the 60-minute chart of QQQ, SPY & IWM highlight my expectation for a pullback ranging from at least 1½-3% from the recent highs with a move down to as low as the 240.50ish level on the SPY quite likely.
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- SPY 60-minute 2 July 21st
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- QQQ 60-minute 2 July 21st
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- IWM 60-minute July 21st
As we are now thick into earnings season, some of the potential market moving earnings reports due out next week are:
- GOOG/GOOG Monday after the close
- AMD Tuesday after the close
- AMZN Thursday after the close
- INTC Thursday after the close
- XOM Friday before the open
- CVX Friday before the open
With the $VIX at record low levels, a small long position on volatility could pay off well, should the market react unfavorably to some of these earning reports & any forward guidance next week.