Just like Friday morning’s update (first chart below), /ES (S&P 500 futures) is once again backtesting the 3225.50ish resistance, thereby offering another objective short entry with the next sell signal to come on a break below the 3190 support (second chart below).
ES 60m July 24th
ES 60m July 27th
/NQ has formed what appears to be an even larger bearish pennant than the one this smaller one that broke down & played out on Friday (first chart below) with the next sell signals to come on a break below the pennant/10508 support and then a break below Friday’s low/the 10290 support.
NQ 60m July 24th
NQ 60m July 27th
Last but certainly not least, keep in mind that we have the last of the market-leading FAAMG stocks reporting earnings this week, among several other potential market-moving reports. FB (Facebook) reports on Wednesday, after the market close, followed up by AAPL (Apple) & AMZN (Amazon) on Thursday, AMC.
week of July 27th earnings
Always a good idea to be aware of when any of your current positions or potential trade setups/candidates are reporting earnings. A link to the Earnings Whispers calendar, along with other useful links, can be found under the Tools Of The Trade tab located on the RSOTC Support Center, which is accessible by clicking on the Resources link on the top menu of the site.