S&P 500 Futures Find Strong Support at Fibonacci Level, Tech Stocks Weaker
Tim Knight | Jul 21, 2023 09:46AM ET
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 S&P 500 Futures have 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 Platforms Inc (NASDAQ:META) and Amazon.com Inc (NASDAQ: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!
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