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S&P 500 Futures Find Strong Support at Fibonacci Level, Tech Stocks Weaker

Published 07/21/2023, 09:46 AM
AMZN
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ESM24
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META
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Good morning, everyone. So I guess yesterday was the one day in July that market goes down a teeny bit, eh? Looking at what the S&P 500 Futures have done this week, we can see that it found strong support at the major Fibonacci level (red arrow) and, in spite of a clean little topping pattern (rectangle), prices have zipped right back into that area, negating its value. Thus we’re back in Tom Lee mincing around on television mode.

ES Chart

Tech stocks had their second worst day of the year yesterday (incredibly…….) and are, on the whole, weaker than the /ES for the week. I’ve got puts on two big tech stocks – Meta Platforms Inc (NASDAQ:META) and Amazon.com Inc (NASDAQ:AMZN) – which report earnings next week and the week after, respectively.

NQ Chart

At this point, I think I’ll just leash up the dogs and clear my mind. Good luck out there!

Latest comments

Long dated shorts on NVDA AMD AAPL would pay better than META AMZN
I think AMZN is the best short with Nvda and Tsla
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