This week saw the major equity averages continue a confirmed pullback phase, with some of the biggest gainers in the first half of 2024 logging some major losses. Is this one of the most buyable dips of the year? Or is this just the beginning of a protracted decline with much more pain to come for investors?

Today, we’ll walk through four potential outcomes for the S&P 500 index over the next six to eight weeks. As I share each of these four future paths, I’ll describe the market conditions that would likely be involved, and I’ll also share my estimated probability for each scenario.

By the way, we conducted a similar exercise for the S&P 500 back in April, and you may be surprised to see which scenario actually played out!

And remember, the point of this exercise is threefold:

Consider all four potential future paths for the index, think about what would cause each scenario to unfold in terms of the macro drivers, and review what signals/patterns/indicators would confirm the scenario.Decide which scenario you feel is most likely, and why you think that’s the case. Don’t forget to drop me a comment and let me know your vote!Think about how each of the four scenarios would impact your current portfolio. How would you manage risk in each case? How and when would you take action to adapt to this new reality?

Let’s start with the most optimistic scenario, involving the S&P 500 making yet another new all-time high as the bullish trend resumes.

Option 1: The Super Bullish Scenario

Our first scenario would mean that the brief pullback phase is now over, and the S&P 500 and Nasdaq would power to new all-time highs in August. By early September, we’d be talking about the resurgence of the Magnificent 7 names, reflecting on how the markets in 2024 have diverged so much from the traditional seasonal patterns, and discussing the likelihood of the S&P finishing 2024 above the 6000 level.

Dave’s Vote: 5%

Option 2: The Mildly Bullish Scenario

What if the Magnificent 7 stocks take a backseat to other sectors, such as financials and industrials? If the value trade continues to work, as we’ve observed in the last couple weeks, we could see a scenario where lots of stocks are working well but it’s not enough to propel the equity benchmarks much higher. The S&P 500 wouldn’t see much downside in this scenario and would spend the next six to eight weeks between 5400 and 5650.

Dave’s vote: 15%

Option 3: The Mildly Bearish Scenario

How about a scenario where this pullback continues to plague the equity markets, but the pace of the decline lightens up a bit? The mega-cap growth stocks continue to struggle, but we don’t see those full risk-off signals and the VIX remains below 20. By early September, we’re down about 10% overall off the July high, but investors are licking their lips about a potential Q4 rally into year-end 2024.

Dave’s vote: 60%

Option 4: The Super Bearish Scenario

You always need to consider an incredibly bearish scenario, if only to remind yourself that it’s a possibility, even a very unlikely one! What if this pullback is just getting started, the S&P 500 fails to hold the 5000 level, and we see a break below the 200-day moving average? That would mean a similar pullback to what we experienced in August and September 2023, and while we’re talking about the potential for a Q4 rally, we’re all way more concerned that there’s even more downside to be had before it’s all said and done.

Dave’s vote: 20%

What probabilities would you assign to each of these four scenarios? Check out the video below, and then drop a comment with which scenario you select and why!

RR#6,

Dave

PS- Ready to upgrade your investment process? Check out my free behavioral investing course!

David Keller, CMT

Chief Market Strategist

StockCharts.com

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. 

The author does not have a position in mentioned securities at the time of publication.   Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

Major equity indexes rose on Friday after a selloff that hit the Technology sector especially hard. But this doesn’t necessarily mean that everything is OK going into next week. Wall Street seems to be in whiplash land, veering from one market area to another.

The Dow Jones Industrial Average ($INDU) closed higher by 1.64%, providing a boost to Industrials. The Nasdaq Composite ($COMPQ) and S&P 500 ($SPX) closed mid-range. That all indexes closed above their Thursday lows is encouraging and a good way to end a week that looked like it could end in doom. 

Softer Inflation Data Sheds Optimism

It’s possible the June Personal Consumption Expenditure (PCE) price index was the catalyst behind the recovery rally. The PCE rose 0.1% month over month and 2.5% year over year. The core CPI rose 0.2% month over month and 2.6% year over year. The data suggests that inflation is slowly converging toward the Fed’s 2.0% target. So, perhaps the soft landing scenario will become a reality. Let’s wait to hear what Fed Chair Powell says next week.

The S&P 500 bounced off the 50-day simple moving average (SMA) and touched the October–April trendline at its high but closed lower (see chart below). Will the trendline act as a strong support level for the index to conquer?

CHART 1. UPTREND IN THE S&P 500 SINCE OCTOBER 2023. The S&P 500 is in an important area, and investors should watch to see if it breaks above or below the trendline or moving average. Chart source: StockCharts.com. For educational purposes.

The long-term trend is still looking strong, but given that the next few months is a seasonally weak period, expect the market to correct. As long as it stays above its 25-week SMA and the SMA is trending higher, the long-term trend will be bullish. 

The Nasdaq was hard hit on Wednesday and Thursday, and Friday’s recovery didn’t take the index above its 50-day SMA. It’s still looking indecisive as it straddles below the 38.2% Fibonacci retracement level (see chart below). 

CHART 2. DAILY CHART OF NASDAQ COMPOSITE WITH FIBONACCI RETRACEMENT LEVELS. The Nasdaq failed to break above its 38.2% Fibonacci retracement level. Let’s see what next week brings. Chart source: StockCharts.com. For educational purposes.

Where Are Investors Flocking?

The Dow Jones Industrial Average, which got hit hard after hitting a new high on July 17, was the big winner on Friday. And since the S&P 400 midcap index has a high concentration of Industrials, the S&P 500 Mid Cap Index ($MID) got a boost. 

Small-cap stocks also rose, with the S&P 600 Small Cap Index ($SML) hitting a new 52-week high. Does this mean that undervalued small caps are a good place to park your cash while the mega-cap indexes go through their correction? It may be worth considering, given that most of the big tech companies reporting next week are looking weak technically. 

So, what’s going well? The cooling inflation data increased expectations of interest rate cuts which helped bank stocks. While the broader equity indexes were struggling, the KBW Bank Index ($BKX) saw a mild correction followed by a rally. The index closed at a new 52-week high.

CHART 3. KBW BANK INDEX HITS NEW 52-WEEK HIGH. Expectations of cuts in interest rates this year sent bank stocks higher. Chart source: StockCharts.com. For educational purposes.

The stock market is forward-looking, so it’s important to pay attention to what comes next. We’re entering a week of heavy earnings from some big mega-cap tech stocks. There’s also the Fed meeting. While no rate cuts are expected in next week’s meeting (the CME FedWatch Tool shows a 95.3% probability of no rate cuts in July), investors will listen closely to Chairman Powell’s comments during his presser. Next week is also an economic data-heavy week with July Manufacturing PMI and Non-Farm Payrolls. Both will give some indication of the US economic landscape. 

Expect some market volatility next week. Although the Cboe Volatility Index ($VIX) eased on Friday, it’s still high, relatively speaking. Each day in the market is different. Take each day as it comes. 

End-of-Week Wrap-Up

S&P 500 closed down 0.83% for the week, at 5459.10, Dow Jones Industrial Average up 0.75% for the week at 40,589.34; Nasdaq Composite closed down 2.08% for the week at 17357.88.$VIX down 0.79% for the week closing at 16.39Best performing sector for the week: UtilitiesWorst performing sector for the week: Consumer DiscretionaryTop 5 Large Cap SCTR stocks: MicroStrategy, Inc. (MSTR); Carvana Co. (CVNA); Insmed Inc. (INSM); Tenet Healthcare Corp. (THC); Arm Holdings (ARM).

On the Radar Next Week

FOMC meetingMay S&P/Case-Shiller Home Price MoMJune JOLTs ReportJuly Manufacturing PMIJuly Non-Farm PayrollsEarnings from Advanced Micro Devices (AMD), Apple, Inc. (AAPL), Amazon.com, Inc. (AMZN), Coinbase Global Inc. (COIN), Intel Corp. (INTC), Meta Platforms (META), Microsoft Corp. (MSFT), On Semiconductor Group (ON), Snap Inc. (SNAP), and many more.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Flying Financials

In the recent sector rotation, basically OUT of technology and INTO anything else, Financials and Real-Estate led the relative move.

On the RRG above, I have highlighted the (daily) tail for XLF to show how it stands out from the other sectors.

On the weekly RRG, XLF is still positioned inside the lagging quadrant but has started to curl back up on the back of the recent strength.

The start of the rotation out of Technology translates into a tail for XLK, which has started to roll over inside the leading quadrant. With increased weakness for Technology, Communication Services, and Consumer Discretionary showing on the daily RRG, it now becomes a balancing act to match this rotation with the one seen on the weekly RRG.

Technology Still Carries a Lot of Weight

Let’s start at the top, the weekly time frame. Technology is still inside the leading quadrant and has just started to roll over. There is nothing unusual or alarming from this rotation on its own. What is unusual, and at least a bit worrisome, is the high concentration of tails on the opposite side inside the lagging quadrant. This image tells the story of narrow breadth, which I have mentioned in articles and blogs.

Information Technology, on this weekly RRG, still carries the weight of the entire market.

On the daily RRG, the situation is the exact opposite. XLK has rapidly rotated into the lagging quadrant. XLY is inside weakening and heading for lagging, while XLC is on a very short tail inside, lagging with this week’s node picking up relative momentum. ALL other sectors have rotated into the leading quadrant at long tails led by Financials and Real Estate.

This raises the question: Is the strong rotation on the daily RRG the start of a bigger rotation, which will drag XLK out of the leading quadrant on the weekly RRG, and will this benefit the other sectors? Or is this rotation on the daily RRG just an intermezzo, and will the rotations that have started on the weekly RRG be completed on their respective sides of the chart and maintain their long-term relative trends?

Rotation To Other Sectors or Out of the Market?

From the RRGs alone, I feel that Technology has become top-heavy and needs a break. Money has started to rotate out of the sector, which is likely not over yet. With the market capitalization remaining so split between tech and anything else, it is very well possible that the other sectors will now take over and help $SPX stay afloat. In that case, we will see broader participation, with all sectors minus tech, but still a market under pressure.

But this only works when the money remains in the stock market, i.e., true sector rotation. It’s a different story when money starts to move out of the market ($SPX).

Stocks v Bonds Tell a Story

When I compare stocks and bonds, we see a clear rotation out of stocks (SPY) into bonds (GOVT) in the daily time frame.

Here, the weekly picture is also not as pronounced, but the first cracks are visible.

On the straight 1-1 comparison between SPY and IEF, we get a bit more clarity.

This week (one more hour of trading to go), the SPY:IEF ratio is breaking down from its rising channel, which has been in place since October 2023. It is breaking the rising support line and the previous low (double support), while the negative divergence between price and RSI is now executing/triggering with a break below the previous low in the RSI.

So, all in all, it leads me to believe that we are facing, at least, a few weeks of sideways to lower movement for the S&P 500.

To maintain the long-term uptrend, the market must catch the outflow from large-cap growth / Technology stocks and regroup during this period. Preferably, it should build a stronger base in terms of the number of sectors and stocks that contribute to a renewed or continued rally in the S&P 500.

For now, caution and careful money management are key.

#StayAlert and have a great weekend. –Julius

This is going to be one of the most interesting quarters in recent memory. The Fed has got to choose its poison. Do they stand pat once again next week, leaving rates “higher for longer” and awaiting more data? Or do they finally take the step that just about everyone is waiting for them to take and start a cycle of interest rate cuts to save our economy from spiraling lower? One side is the inflation side that perhaps is not convinced that we’re out of the woods. The other side, which I’m on, is watching closely as initial economic warning signs begin to emerge. This side believes that the inflation job is essentially done, while waiting too long to lower rates may unnecessarily result in an upcoming recession and, potentially, a big market decline.

Pick your side.

Listen, there are genuine arguments on both sides. I would definitely be much more comfortable, however, debating the merits of cutting rates NOW. First of all, the Fed has called for a sustainable path towards its 2% core inflation target at the consumer level. I can’t help but look at the Core CPI chart below and wonder how much more sustainability the Fed needs to see before attacking the slowing economy. Remember, the Fed has TWO mandates, not one. It strives to maximize employment and stabilize prices. It’s spent the past few years doing the latter and it’s time to focus on maximizing employment. Here’s the current Core CPI picture:

The 1-month rate of change (ROC) of Core CPI has been trending lower since peaking in early 2021. That’s 3 years of a SUSTAINABLE decline. I’m really not sure how much longer the Fed needs to see it drop, unless they’re literally waiting for it to hit 2%. Furthermore, the last reading in June showed the lowest reading yet – just .006%, less than one-tenth of one percent. The last two months Core CPI readings, annualized, is just 1.32%. Again, what do we need to see?

Many argue that the economy has remained resilient and doesn’t need any help. That is partly true, but the fed funds rate was not hiked multiple times due to a weak economy. Rates were hiked to stave off further inflationary pressures. Once those inflationary pressures are subdued, there’s no reason to keep rates at an elevated level. It only risks the Fed’s OTHER mandate to maximize employment.

To give you one example of the beginning of economic weakness, check out the history of initial jobless claims and their tight correlation with previous recessions:

The 2020 recession is in red, because it’s the oddball. That recession had little to do with systemic economic weakness and instead occurred out of our first pandemic in 100 years. The other 6, however, were directly tied to economic weakness. Prior to the start of each of those 6 recessions, the initial jobless claims began rising. Rising claims leads to a rising unemployment rate, which is a harbinger of poor economic activity to come.

Folks, we’re at a MAJOR crossroad here. I’ve maintained my steadfast secular bull market position since 2013, turning bearish only for brief periods as corrections and cyclical bear markets unfolded. Currently, I believe we remain in a secular bull market. The Fed, though, needs to cut rates NOW, or my long-term position may change. Powell, forget about the ghost of inflation and address the problem at hand. Before it’s too late!

Whether we can (1) withstand Q3 weakness and return to all-time highs quickly or (2) spiral lower into year end will depend a great deal on Fed action or inaction. And, like I said, maybe they’ve sat on their hands too long already. There are critical technical, historical, and economic signals that you MUST be aware of in order to navigate what we’re about to go through. It’s important enough that I’ve decided to host a webinar for our EarningsBeats.com members on Saturday morning at 10:00am ET, “Why The S&P 500 May Tumble”. This session is FREE to EarningsBeats.com members, including FREE 30-day trial subscribers. I believe you will appreciate this walk through history and understand the implications of Fed actions should you attend. For more information and to register for this critical event, CLICK HERE.

I hope to see you there!

Happy trading!

Tom

After a big run this year, Nvidia (NVDA) fell over 15% from its high and broke its 50-day simple moving average (SMA). On the face of it, a break below this “key” moving average seems like a short-term bearish signal. Such a view, however, would ignore the long-term trend, which is the dominant force at work.

The first job is to define the long-term trend because this provides perspective and sets the trading bias. Nvidia is clearly in a long-term uptrend because it is well above the rising 200-day SMA, and recorded a new high a month ago. During a long-term uptrend, declines are viewed as corrections that provide opportunities. Therefore, the break below the 50-day SMA is more of an opportunity than a threat. Our reports and videos this week suggest the same for QQQ.

Corrections come in all shapes and sizes. We could get a short pullback, an extended pullback, or a trading range. Nobody really knows. The decline into April broke the 50-day SMA, but this correction was short-lived as the stock broke out in early May. The decline in September-October 2023 was longer because NVDA broke the 50-day SMA twice. These breaks did not lead to a bigger trend reversal.

Looking at the current break, the decline over the last four weeks looks like a normal correction after a big advance. NVDA was up 78% from mid-April to mid-June. A correction that retraces a portion of this advance is perfectly normal. The long-term trend is still up, and I view this correction as an opportunity, not a threat.  

ChartTrader will cover the declines in leading tech and AI stocks on Tuesday, July 30th. We will put these declines into perspective, identify potential reversal zones and mark corrective patterns when possible. This report and video will include Nvidia (NVDA), Broadcom (AVGO), Dell Technologies (DELL), Pure Storage (PSTG) and more. Click here to learn more.

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In late June, Gilead Sciences (GILD) stock surged following positive results of a late-stage trial for its latest HIV drug. 

The big market buzz was that Gilead was on the verge of something huge, and investors were not about to wait around for proof. They dove in early, seeing the price jump as a prime “ground floor” opportunity.

Expecting a pullback, given the speculative nature of the spike, there were key levels where a bounce could occur, providing an opportunity for you to ride Gilead’s momentum, even if just for a swing trade. The bullish thesis worked out, so let’s examine what happened.

What Happened and Where’s GILD Going?

The Gilead chart below zooms in on the price action following the trial results. The big unknown at the time was whether the spike on June 20 was going to pull back, and whether a pullback would end the uptrend. 

CHART 1. DAILY CHART OF GILEAD SCIENCES. The stock price pulled back, and the levels projected in June have so far held. Chart source: StockCharts.com. For educational purposes.

Before the Pullback in the Stock Price

What made this decision point particularly difficult were the following:

A StockCharts Technical Rank (SCTR) score of 30 (see blue arrow) wasn’t by any means promising, but from a bullish perspective, it also meant the potential for a ground-floor entry.The Chaikin Money Flow (CMF)  indicated that buying pressure was fading (see blue dotted line in the CMF indicator window), suggesting a pullback or resumption of the downtrend.

With strong bullish sentiment hinging on an upcoming FDA trial and shaky technicals aside from a solid breakout, a long trade might have felt like a coin toss, one slightly favoring the bulls. Hence, the importance of the key levels $68 and $66 and the 50-day simple moving average (SMA).

After the Pullback in the Stock Price

Let’s zoom in to the same chart above.

CHART 2. DAILY CHART OF GILEAD SCIENCES. Here, you can see the exact entry points and how prices respected the levels. Chart source: StockCharts.com. For educational purposes.

Here, you can see that the $66 support level converged with the 50-day SMA. GILD respected this level as buyers jumped in, anticipating a bounce, which they did get. Although the CMF entered negative territory, you can see how selling pressure began to fizzle out, and buying pressure overtook the bears.

As prices took out the June high, its pullback respected the $70.50 level (see second magenta circle), launching GILD to take out critical resistance right below $75 (see heavy blue dotted line).

The question is whether, upon a third pullback, the stock price will respect support at $75 and surge to (or beyond) $79. 

At the Close

You might be wondering if GILD is still a buy. It was a buy (emphasis on “was”), as the price action presented an ideal opportunity on the ground level. If you’re a longer-term investor, it would be wise to wait and see how GILD fares in light of its final testing period and FDA review process. 

If anything, the June GILD scenario underscores the importance of acting on key levels when the market flashes a fleeting opportunity amidst drastic (and bullish) fundamental and technical shifts. 

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Wednesday’s price action in the stock market indicated that fear is back. The Cboe Volatility Index ($VIX) closed up by over 22%, the biggest percentage move for the year. There’s a chance volatility could remain elevated for the near term—it’s the middle of earnings season, the November election landscape has changed, and it’s a seasonally weak period for equities.

On Wednesday, the S&P 500 ($SPX) and Nasdaq Composite ($COMPQ) experienced the worst trading day of the year. The Nasdaq Composite was hit hard, closing lower by 3.64%. From a big-picture point of view, how much damage did the drop do? Let’s look closely at the price action in the Nasdaq Composite, starting with the weekly chart.

The Macro View of the Nasdaq

Looking at a five-year weekly chart below, the uptrend that commenced in October 2023 is still in play. The moving averages overlaid on the chart are adjusted to reflect support levels for the uptrend since October 2023. The short-term uptrend followed the eight-week exponential moving average (EMA). In April 2024, the Nasdaq Composite bounced off the 25-week simple moving average (SMA), and in October, the index bounced off its 48-week SMA. 

CHART 1. WEEKLY CHART OF NASDAQ COMPOSITE. Will the Nasdaq find support at its 25-week moving average? Chart source: StockCharts.com. For educational purposes.

On Wednesday, the Nasdaq Composite broke below its eight-week EMA, the first alarm bell indicating that things may not be great in AI land. The following day, the selloff continued in the early part of the trading day but recovered some losses. 

If the selloff continues, the next point to watch would be the 25-week SMA which corresponds closely with the support of the last previous weekly high. Will the Nasdaq bounce off this level similar to what it did in April or will it continue lower and bounce off its 48-week SMA like it did in October? Or will the Nasdaq honor the support level of previous highs and lows (blue dashed lines)? 

Any of the scenarios could play out, or, as is characteristic of the stock market, it could do something unique.

A Shorter-Term View of the Nasdaq

Let’s turn to the daily chart (see chart below) to zero in on that first support level on the weekly chart, 16,670. To hit that level, the Nasdaq Composite will have to fall between the 100-day SMA and the 61.8% Fibonacci retracement level. You can see from the chart that the Nasdaq approached its 50% Fib retracement level but reversed and moved back up to the 38.2% retracement level.

CHART 2. DAILY CHART OF NASDAQ COMPOSITE. The index recovered. The question is, will it sustain? Chart source: StockCharts.com. For educational purposes.

If VIX remains elevated, expect more sizable movements in the Nasdaq and other equity indexes. The Personal Consumption Expenditure (PCE) for June drops on Friday.

Earnings Volatility

Earnings had a lot to do with this week’s price action. Alphabet (GOOGL) and Tesla (TSLA) reported on Tuesday after the close. Even though GOOGL beat earnings expectations, the decline in YouTube revenues led investors to sell the stock. TSLA earnings missed estimates, with the stock closing lower by 12.33%. 

Next week, we’ll hear from more Mag 7 companies. Given that investors are getting jittery about tech stocks, the companies have to produce incredibly strong earnings reports. Even one negative report can send the stock price and the entire stock market lower.

Assuming that equities fall further—it’s a fair assumption given that a correction is expected—what kind of investment strategy should you apply? Your first thought may be bonds, but they’re not showing signs of strength. Bond prices fell on Wednesday along with stocks. Commodities and cryptocurrencies aren’t showing signs of enthusiasm either.

Small-Cap Stocks

Small-cap stocks are outperforming large-cap stocks, as displayed in the chart of the ratio between iShares Russell 2000 ETF (IWM) and the SPDR S&P 500 ETF (SPY) below. Compare the price action to what occurred between December 2023 and January 2024. The S&P chart in the lower panel doesn’t show a sizable correction during that period. But no two periods are alike so it’s best to keep a close watch on the different moving parts of the stock market. 

CHART 3. SMALL CAPS VS. LARGE CAPS. Small caps are outperforming large-cap stocks, although it doesn’t necessarily mean that large caps will pull back significantly. It’s still worth watching this chart. Chart source: StockCharts.com. For educational purposes.

IWM is made up of small-cap US stocks. Interestingly, one of the top holdings in IWM is Insmed Inc. (INSM), a stock with a high StockCharts Technical Rank (SCTR) score. It also has an interesting chart pattern (see chart below).

CHART 4. DAILY CHART OF INSMED INC. (INSM). The chart gapped about its previous all-time high in 2021 and is now consolidating. With a strong SCTR score, will the stock maintain its strong position? Chart source: StockCharts.com. For educational purposes.

The stock price gapped up above its February 2021 all-time high and has continued moving higher. It’s now consolidating. Watch for the stock to break out above the descending triangle pattern (blue dashed lines) or to reach the support of its 25-day SMA. An upside follow-through from either of these patterns could make this a strong trading candidate. So, set your alerts on StockCharts so you don’t miss this one. 

You could do a similar analysis on other top IWM holdings, such as FTAI Aviation Ltd. (FTAI), Vaxcyte Inc. (PCVX), and Sprouts Farmers Market Inc. (SFM).

Other Market Segments To Consider   

Other areas of the market worth considering are value stocks. Bring up a ratio chart of the iShares Russell 1000 Value ETF (IWD) to the iShares Russell 1000 Growth ETF (IWF). 

Regional banks are also performing well. Bring up a chart of the SPDR S&P Regional Banking ETF (KRE). If this catches your attention, head to the StockCharts Symbol Summary page, type in KRE, and start your research. The Profile section has a link to the ETF page from where you can find the top holdings. 

Closing Position

If volatile conditions persist in the market for the next month or so, you’ll need to develop a strategy to manage your portfolio to cushion your drawdowns. Next week there are more earnings and a Fed meeting. So, be prepared with your game plan.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

In this edition of StockCharts TV‘s The Final Bar, Dave previews earnings releases from TSLA and GOOGL, breaks down key levels to watch for SPOT, GE, and more, and analyzes the discrepancy between S&P 500 and Nasdaq breadth indicators.

See Dave’s MarketCarpet featuring the Vanilla color scheme here.

This video originally premiered on July 24, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

In this exclusive StockCharts TV video, Joe explains the 1-2-3 reversal pattern, its criteria, and what it will take for QQQ to complete the pattern. He also discusses how the pattern is not always as clean as we would like. Joe then shares a few Crypto markets which are starting to perk up again. Afterwards, he covers the IWM, plus highlights a few stocks from a specific sector showing recent strength.

This video was originally published on July 24, 2024. Click this link to watch on StockCharts TV.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

In this edition of StockCharts TV‘s The Final Bar, Dave previews earnings releases from TSLA and GOOGL, breaks down key levels to watch for SPOT, GE, and more, and analyzes the discrepancy between S&P 500 and Nasdaq breadth indicators.

This video originally premiered on July 23, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.