Market thoughts: 23/07/2026
Post-GOOGL Earnings Unwind: How to Proceed?
At the time of writing, broad market pressure is taking hold across multiple asset classes:
Equities: SPX is down 1.44% and the Nasdaq Composite is down 2.65%.
Crypto: BTC is down 1.9% and Ethereum is down 2.2%.
Crude has also surged 7% on the day to break above $92.
The primary driver is geopolitical escalation, specifically US/Iran tensions alongside Houthi attacks on Saudi oil tankers. With threats active in both the Strait of Hormuz and the Bab-el-Mandeb Strait, traffic through Hormuz has already slowed materially.
Given this dynamic, it is no surprise to see Crude up, USD up, Energy equities up, and defensives up, while tech stocks and EM equities are down.
Indices
Both the S&P 500 and the Nasdaq Composite are below their 21-day and 50-day moving averages now, and the Nasdaq Composite is sitting right at a horizontal level of interest at 25,000, which seems likely to breach (see chart). If breached, one would think the 200-day is in play, especially if megacaps continue to display weakness post the Google print.
The S&P 500 is holding up a little better, with its horizontal level of interest at 7,250.
Strategy and names I am watching:
