Daily Commentary: July 29, 2024

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Important Week For the Market

Posted by Pete Stolcers on July 29
www.oneoption.com

Fasten your seat belts. This is going to be a busy week.

PRE-OPEN MARKET COMMENTS MONDAY – There’s not much I can add to the video from yesterday. This will be a very busy week. Make sure you are constantly checking the earnings calendar. This will be the slowest of the days. Typically we have a bit of a dead spot before the Fed, but we might not have one with all of the earnings and economic releases. 

I believe that there will be good movement this week, but it might take a few days for the market to digest all of this news and for buyers and sellers to determine a “winner”. Next week the dust will settle and that is when I think we might get a true feel for where we are going next. 

Stay flexible and don’t get locked into either side. There will be nice opportunities both ways. The SPY is above the 50-day MA and that is support. AVWAPQ is resistance. 

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