Stocks Near Highs After Bullish Outside Candle: Market Trends This Week

Downloads are available here. (New zip file this week.)

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Sizing Up the S&P 500

• S&P 500 potentially overbought but few apparent reversal signals
• Bullish outside candle last week
• 10-day MA rising for 27 days, longest streak since February
• Potential resistance above 4500
• Potential support at 4400
• Index members above 20-day MA still exceed number above 50-day MA
• S&P 500 in midst of low-volatility drift, which potentially favors stock picking over index trades

Key News

• CME Fed expectations little changed since 6/14 meeting
• Tom Lee raises S&P 500 forecast to 4825. Sees inflation fading, AI boosting tech.
• Katie Stockon targets 4510 on the S&P 500
• Inflation cooling?
  • S&P Global: PMI Price index drop at fastest pace in 3 years
  • ISM manufacturing misses estimates, prices drop
  • CNBC: GM Q2 sales growth suggests supply-chain normalcy
• June consumer sentiment revised higher amid “striking upswing”

Chart Notes

• Visa May Be Attempting a Breakout
• Chevron Could Be Squeezing from its Lows
• Salesforce Has Been Snoozing
• Lower high for Philadelphia Semiconductor Index ($SOX)
• Mastercard (MA) tests new highs (earnings 7/27)
• Oracle (ORCL) holds post-earnings gap
• Rivian Automotive (RIVN) nears 200-day MA
• Boeing (BA) holds 50-, 100-day MAs after bullish inside week (earnings 7/26)
• Crude oil futures (@CL) close above 50-day MA

Mover of the Week: Trade Desk

• Ad-management software for new digital ecosystem
• Earnings, revenue beat last three quarters
• Sitting at 50% recovery from drop November 2021 to July 2022
• Potential bullish triangle at August 2022 high
• TTD + 72% YTD

Upcoming Events

• Friday (7/7): Non-farm payrolls
• Wednesday (7/12): CPI
• Thursday (7/13): PPI
  • Earnings: DAL, PEP
• Friday (7/14): Consumer sentiment
  • Earnings: JPM, C, UNH, WFC, UNH

Using the Platform

Hourly active chart uses several indicators and ShowMes

• Directional signals:
  • MACD cross days: Positive readings show MACD rising
    • Note: MACD has special settings to emulate daily signals
  • MovAvg Order: 50-hour MA vs 100-hour MA
  • New 52-week highs (white crosses on chart)
• Overbought/oversold signals:
  • RSI
  • Keltner pullback
    • Note: Updated from previous zip files

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