8/7 Bearish. 275 Buying | 305 Selling.
% Stocks Over 50SMA is Bullish. Primary Indicator is Bullish – Caution. 20% Weekly is Bullish.
Mega-cap strength led gains as Apple announced a $100B domestic manufacturing boost, supporting tech and consumer discretionary sectors. Despite mixed earnings results, large caps like Amazon and Tesla powered a 0.7% S&P 500 advance, while energy and healthcare lagged amid weaker commodity prices and selective profit-taking. Volatility (VXX) edged slightly higher, reflecting cautious sentiment amid tariff tensions and geopolitical uncertainty.
Consumer discretionary (+2.4%) and staples (+1.7%) outperformed thanks to Walmart and Amazon, while energy (-0.9%) and healthcare (-1.5%) underperformed. Technology showed resilience but with some volatility following mixed semiconductor earnings. The market remains in a buy-the-dip mode but lacks broad participation beyond mega-caps.
Key economic data due Thursday includes Q2 Unit Labor Costs, Productivity, and June Wholesale Inventories, which could influence near-term market direction.
Key Takeaway:
Focus on mega-cap momentum and leadership sectors like consumer discretionary and tech for swing entries. Avoid lagging sectors such as energy and healthcare until clearer signals emerge. Use support around major moving averages and monitor volume spikes for confirmation. Maintain stops below key support levels to manage risk amid mixed breadth and rising volatility.
Watchlist
Continuation: PLTR (S1: 177, S2: 175.5, S3: 173, R1: 179.5, R2: 181, R3: 182.5)
Anticipation: DASH (S1: 257.5, S2: 258, S3: 259.5, R1: 259.5, R2: 260, R3: 261.5)