Daily Commentary: July 30, 2024

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Very Heavy News Cycle

Posted by Pete Stolcers on July 30
www.oneoption.com

Earnings, economic releases and monetary policy are on deck. Expect volatility.

PRE-OPEN MARKET COMMMENTS TUESDAY – The big news today will come after the close when MSFT reports. Tomorrow META will report and Thursday AMZN and AAPL will report.

The economic news will be heavy all week.

Wednesday we will get the FOMC statement. 

Sit back and let the institutions battle it out the next few days. Expect volatility and wait for a victor. My ideal set up would be a reach for the all-time high this week that gets smacked down next week. That would confirm resistance and I feel we have a lot more room to move lower than we have to move higher. That would set us up with some good price action in August. I would be looking for nice moves both ways with a downward directional bias. The alternative would be a gradual float higher on light volume where the rug can get pulled out at any time. 

Support is at the 50-day MA and resistance is at AVWAPQ.

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