7/22/26 Recap

The SPY continues to look good over all the key moving averages but it is also 1% away from losing the 50 day. This is because we’ve gone nowhere in months and now all the moving averages are bunched together and we’re going to make a big move in a direction soon. Fittingly all this happens as megacap earnings kick off today with Google and Tesla. The arrows are showing what concerns me, we’re on our 4th set of lower highs, that isn’t bullish. We need to break this trend as soon as we can or we’re looking at rolling over and heading towards that white line, the 100 day. Tech stocks continue to be the issue with the QQQ below the 50 day for 5 straight sessions. You never want to see building underneath a big moving average like that but again Google or Tesla can change all of that with their reports. The rest of the mag 7 ex Nvidia report next week.

Scanner

These are the large caps that came up in the scanner today, as always you can see the rest of the mid and small caps along with all the other scans in the database. I see lots of defensives in MO,UNH, SJM and also some energy in MPC,PSX. Be careful out there, it is never a good thing for the overall market when these are the strong charts.

My Open Book