7/31/26 Recap

The SPY is trying to get over that 50 day today but look where it is rejecting at this moment. It’s end of the month and weekends mean the war usually ramps for a few days and you never know where that can lead. What we’ve learned this week is the ai trade is fine and all the fears were overblown. Microsoft and Amazon posted amazing growth in the datacenter space which should calm all those semi fears. We’re pretty much done with all the important earnings, Nvidia is a month away, and now we have alot of the smaller names reporting next week: AMD,PLTR,UBER,CAT,DIS, and SHOP off the top of my head. Nothing too material to the market but we need to break this series of lower highs that has been forming for 2 months now. The progress we made the last 2 days is a great first step. Honestly, knowing how markets work, I think we still have to retest the recent lows one more time. That’s just usually how it goes, a double bottom of a retest then go. We will see.

The SMH, below, was over the 8 ema all morning but pulled back now, semis have been our weakness for the last 60 days and a second close over the 100 day would be a nice start for this one. I would love to see this close over the 8 ema and we can begin to discuss reclaiming the 21 ema next week. AMD reporting can do it for the space because that has been one of the strongest names in chips all year.

Scanner

For those of you who haven’t gone through the scanner, there’s some really great stuff to look at for momentum swings. A personal favorite of mine if you’re looking to just add shares/sell puts is a weekly golden cross, that is the 50 crossing the 200 on the weekly chart. If you click on the signals tab and then weekly you can see which names have seen that the last few weeks. A golden cross is usually a nice setup to sell puts into because it is a chart of emerging strength on a long timeframe.

Even on the daily,weekly,monthly timeframes these are some great quick scans to help you see strength/weakness. Utilize them.

My Open Book