1. S&P 500
It will be a typical trading week, and the only thing that matters for the S&P 500 is if the Futures can push beyond that 3,150 level. Including Thursday, the S&P 500 futures have failed at 3,150 level six times. It is an adamant level of resistance, and the longer that region remains strong, the more likely it is that the S&P 500 continues its trend lower since peaking in early June.
The uptrend that formed in early April is now broken, and that uptrend is now resistance too.
2. Banks
The BKX bank index may be heading lower with a descending triangle pattern that formed and the potential to drop to around $68.
3. Square
Square (NYSE:SQ) has seen a massive move higher in recent weeks, and the stock had been able to stay nicely in an uptrend but is now forming a bearish bump and run pattern. A break of the second uptrend sends the shares back to $102. Meanwhile, I saw some bearish betting in this stock on Friday that indicate a steeper drop by mid-August.
4. Disney
Walt Disney Company (NYSE:DIS) has been trending lower in recent weeks, and I expect that the trend lower will continue with the potential for shares to fall to $99 eventually.
5. Eli Lilly
Eli Lilly (NYSE:LLY) looks healthy and has been climbing in an ascending triangle, with the potential to break out and increase to $177. The RSI has even turned bullish.
6. Nokia
Nokia's (NYSE:NOK) chart is looking bullish with a potential ascending triangle and gap to fill up to $5.10.
7. Marvell
Marvell (NASDAQ:MRVL) also looks bullish with a bull pennant and potential for shares to rise back to $37.
