7/24/23 Fed Decision, Earnings—Your Week Ahead


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%
Image from Kiplinger

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%


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…

Image from the NYT
  • 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


As sellers relieve some of the market’s overbought conditions, the bears have been unable to mount any serious offensive.

The missing ingredient? Fear…

VIX Daily Candles – Chart by thinkorswim

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…


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


*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

Leave a Comment

Your email address will not be published. Required fields are marked *