EB Daily Market Report - Friday, July 26, 2024

Dear Members.

Just a reminder that Tom Bowley will be conducting a timely webinar tomorrow at 10:00 est: "Why the S&P 500 May Tumble." You will be sent room instructions tomorrow morning prior to the event. Also, the webinar will be recorded for those of you unable to attend the live event.

When the VIX soars like it has starting on July 17, there's bound to be a lot of market volatility which has been the case all week long with wild swings both ways and today the bulls are the recipients of a move higher with all of the major indexes solidly in the green.

At the moment the DOW is the only one of the three major indexes above all key technical levels while the NASDAQ remains below both its 20 and 50 day moving averages. So in spite of the move higher in tech stocks today a lot of damage has been done. 

Small cap stocks remain in favor with the IWM challenging its recent high. So the rotation to growth stocks to interest sensitive small cap stocks continues.

Right now the S&P is looking to close above its 50 day moving average, currently at 5436 with the 20 day above sitting at 5513. So let's keep an eye on those levels. In the meantime, expect the fireworks to continue next week when we get earnings from the biggest of the biggest, including AAPL, META an MSFT. And, throw in the Fed interest rate decision for good measure!.

At your service,

John Hopkins