EB Daily Market Report - Brief Update - Monday, July 17, 2023

I'll be very brief today as I'm preparing for today's "Q2 Earnings: Sneak Preview" event, scheduled to begin at 4:30pm ET. You'll receive room instructions in a separate email.

I'll also be sending out a few EB membership changes that will be taking effect soon. That will likely be in a separate email tomorrow.

One big change that will take place is that starting this week, we will be hosting all Trading Places LIVE shows and they will all begin at 9:00am ET - at least for now. Our schedule this week will be Monday through Wednesday. There will be no TP Live show on Thursday. We'll also have our Live Trading Room again this Wednesday, beginning at 10:00am ET. I expect it to last until roughly 10:30am ET.

On to today's market action.....

We continue to see bullish action as all of our major indices are higher today. Please keep in mind that our 2nd worst week of the year historically begins at today's close and runs through next Monday's close (July 24th). An interesting development today is that with all of our indices higher and our key aggressive sectors also climbing, the Volatility Index ($VIX) has jumped 1.5%. It was up much more this morning. A rising VIX with rising prices simply tells us that nervousness is increasing, and that's unusual during a period when the stock market is gaining ground and being led by aggressive areas. Should this change in character accompany further market gains, the warning signs would only grow in the near-term.

I keep watching the nasty negative divergence on the NASDAQ 100 ($NDX). While it doesn't guarantee us lower prices ahead, it certainly is firing warning shots:

If the NDX moves past Friday's intraday high, we'll also see a 60-minute negative divergence print:

Friday's high was 15720 and we're nearly there.

We'll find out soon enough if the secular bull market advance is running out of steam or not, but as of right now, it's full speed ahead.

I hope you can join me for this afternoon's Q2 Earnings Sneak Preview event!

Happy trading!

Tom