Good morning, everyone. So I guess yesterday was the one day in July that market goes down a teeny bit, eh? Looking at what the /ES has done this week, we can see that it found strong support at the major Fibonacci level (red arrow) and, in spite of a clean little topping pattern (rectangle) prices have zipped right back into that area, negating its value. Thus we’re back in Tom Lee mincing around on television mode.
Tech stocks had their second worst day of the year yesterday (incredibly…….) and are, on the whole, weaker than the /ES for the week. I’ve got puts on two big tech stocks – META and AMZN – which report earnings next week and the week after, respectively.
At this point, I think I’ll just leash up the dogs and clear my mind. Good luck out there!
