News:
On Friday, markets struggled to find a direction.
2 of the 4 major indexes closed green…
- Dow Jones +0.0%
- Nasdaq -0.2%
- S&P 500 +0.0%
- Russell 2000 -0.4%
The Dow Jones logged its 10th consecutive win … Extending its longest winning streak since 2017.
Sector Round Up
7 of the 11 sectors ended Friday’s session in positive territory.
At the top…
- Utilities (XLU) +1.85
- Healthcare (XLV) +1.0%
- Energy (XLE) +0.9%
At the bottom…
- Financials (XLF) -0.3%
- Industrials (XLI) -0.5%
- Communications (XLC) -1.0%
Denied!
As the summer’s big movie weekend heated up, shares of AMC (AMC) popped 70% higher on Friday after the closing bell.
But you can’t credit Barbie for the move…
- A judge blocked a share restructuring proposal that included a reverse split
- Overnight, AMC filed a revised plan to address the court’s concerns
- At writing, 1 share costs about $7, a level not seen since February
Technicals:
As sellers relieve some of the market’s overbought conditions, the bears have been unable to mount any serious offensive.
The missing ingredient? Fear…
The VIX is holding near 3-year lows. And it isn’t showing signs of moving higher.
While we can’t make a strong bull case in the heat of the summer, there’s no case for the bears, either.
Expect sideways action until the narrative changes.
Your latest readout…
- RSI levels The Dow is the only index that remains overbought
- The put-to-call ratio is neutral
Timing:
The week ahead holds plenty of news for the market to react to. Most notably…
- The FOMC’s interest rate decision on Wednesday afternoon
- Advance estimate Q2 GDP on Thursday
- PCE inflation data on Friday
Earning season is in full swing too. Here are a few names we’ll be watching…
- Verizon (VZ) Tuesday premarket
- Microsoft (MSFT) Tuesday after-hours
- Alphabet (GOOG, GOOGL) Tuesday after-hours
- AT&T (T) Wednesday premarket
- Meta (META) Wednesday after-hours
- Crocs (CROX) Thursday premarket
- Abbvei (^ABBV) Thursday premarket
Watchlist:
*Low Float
^Open Position
*SDPI on watch
*BBIG support at $2.50
ICAD support at $3.50
EYPT support at $11, resistance at $12
MNMD support at $4.20
^OSTK support at $30, resistance at $32.75
ADVM support at $2
QSI support at $3
Secondary watchlist—float 100+ million
SEEL support at $1.40
CAVA support at $46
AMRX support at $3.25
RXRX support at $14
MVST support at $2.50
RKLB support at $7
SIRI on watch