Hope you all had a good weekend. Below we will be previewing the upcoming week.
Format for what is covered in this weekly preview:
A look at the indices
Key upcoming economic events
Upcoming earnings reports
Interesting charts and setups
Notable portfolio changes from the previous week
List of stocks I am watching in the event of a meaningful pullback
Before that I wanted to acknowledge the last few weeks which have been huge for the Community. Firstly, as you know we surpassed the 1000 subscriber mark and then yesterday I received a Notification that I officially became a Substack Bestseller!
I was #22 on the New Substack Bestsellers and today at #16. As such, I wanted to give a huge thank you to all the people who value my efforts, it is very very much appreciated.
As a gesture, I initiated 15% off for early adopters (slightly more on the Annual plan) redeemable by 3rd August. Since then the demand has been amazing and we have remained near the top of the Rising in Finance List throughout. To keep things manageable and ensure quality, we will have to go back to normal pricing soon.
However, given the momentum and as we reached Best Seller status I have extended this for another week. It feels like the right thing to do. For those looking to join, I highly recommend to do so to lock in the lower price.
To access use the following link : https://sixsigmacapital.substack.com/8e74e5ab
Indices
Dow Jones declined 2.87% in the last week
S&P 500 declined 2.47% in the last week
Nasdaq Composite declined 2.51% in the last week
IWM declined 4.34% in the last week
Key upcoming events:
Tuesday, August 5th:
ISM Services Purchasing Managers' Index (PMI): Reading >50 indicates expansion in the sector, while a reading <50 signals contraction.
U.S. International Trade in Goods and Services: Bureau of Economic Analysis will release its report on the U.S. trade balance for June.
Thursday, August 7th:
Initial Jobless Claims
Upcoming Earnings
Last week was a packed schedule with the likes of META, MSFT, AMZN, AAPL and MA all reporting. This week is again another packed week with many portfolio names reporting. Below is the infographic by Earnings Whispers for the upcoming week:
Charts
SPX
Sits currently at 6,238.01, RSI 47.81. 1.77% above a rising 50SMA.
Declined 2.36% for the week.
Still in a strong uptrend as enters seasonally weak period. A pullback to the SMA 50 is likely and will be key to see if holds. Below that we will see if the Late June Gap at ~6000 gets filled. We did just get 4 consecutive Distribution days which is notable.
BTC (currently Long)
Currently $114,218. 1.8% above 50SMA and 15% above 200SMA.
20.96% YTD.
Last week I had said “Consolidating nicely maybe we get the next leg up this week otherwise a re-test of the 112,000 looks likely (prev ATH breakout level and ascending SMA 50)”
BTC actually printed 6 red days in a row and did test the prev breakout level. Important to see if it holds or else test of the SMA 200 is in play.
AMZN (Currently Long)
Currently trades at $214.75, RSI 39.45 and 2.47% above 200SMA.
-2.48% YTD
Reported earnings on Thursday which were strong but sold off more than 8% on Friday. AMZN did actually retest previous high of ~$240 in pre-market Thursday. 2 things I am watching are: whether AMZN can hold the Ascending SMA 200 or whether a double top is forming and AMZN will fall much further.
TMDX (Currently Long)
Currently trades at $120.55, RSI 55.33 and 31.75% above 200SMA.
Reported strong earnings last week subsequent to which stock gapped up (on volume) and then held majority of those gains as the market sold off. Will be interesting to see if can break above the 124.34 SMA 50 and then make a move to 140 (and beyond!)
Notable portfolio changes in previous week