On Friday, the markets ended the week on a down note … The Nasdaq shed nearly 2% (but gained 2.5% on the week) as social media stocks tumbled.
Generally, It was still a positive week for stocks. But not all…
Social Media Got Crushed
Snap (SNAP) fell about 40% after dismal earnings.
Image from Snapchat
The social media platform shed $10 billion in market cap and dragged the rest of the sectors down.
- Communications sectors (XLC) as a whole fell 3.5%
- Meta Platforms (META) lost 7.6%
- Alphabet (GOOG, GOOGL) declined 5.8%
- Pinterest (PINS) fell by 13.5%
- Notably, Twitter (TWTR) gained 0.8% despite its poor earnings … which was blamed on Elon Musk.
Good Food News
Russia and Ukraine have agreed to a deal that will allow Ukraine to begin exporting wheat and other grains again.
Photo by Pixabay from Pexels
Ukraine was among the world’s top wheat exporters before the war that began five months ago yesterday.
But the deal is fragile …
- Russia attacked the port at least once since the agreement was inked.
- Ships must submit to military inspections from both sides
- Navigation is risky in the heavily mined Black Sea.
The thing you always need to remember about resistance is once broken, it often becomes support.
The S&P 500 broke through a key level of resistance last week. We now look for that level to hold as support…
SPY Daily Candles – Chart via thinkorswim
The issue the market still faces … There’s still a lot of overhead resistance to get through.
We’ve drawn the next two resistance levels the S&P 500 faces on the chart.
It’s the last week of July. And it’s packed full of earnings and big economic reports.
- Squarespace (SQSP) reports earnings premarket
- Logitech (LOGI) reports after hours
Tuesday, July 26:
- United Parcel Service (UPS) premarket
- Alphabet (GOOG, GOOGL) & Microsoft (MSFT) after the close
Wednesday, July 27:
- FOMC rate hike at 2 pm
- Shopify (SHOP) premarket
- Meta Platforms (META) after hours
Thursday, July 28:
- Q2 GDP preliminary report drops premarket
- Apple (AAPL) & Amazon (AMZN) after hours
Friday, July 29:
- Exxon (XOM) and Chevron (CVX) pre-market
We’ll leave you with a final note … Summer rallies, statistically speaking, are the smallest. Spring, summer, and fall each statically produce bigger stronger rallies.
^Open Position*TBLT is on watch
*ENVB has support at $8
*BAOS has resistance at $1.50
*^FNKO has support at $22, resistance at $25
*HKD is on watch
SMR is on watch
^CBIO has resistance at $1.80
TH has support at $12, resistance at $13
PGY is on watch
VERV has support at $30
CELH support at $80
RYTH has support at $12
NCNA has support at $1.50
VUZI has support at $7.50
GOSS has support at $11
CNK has support at $19
PAYO has resistance at $5.75