What TheChartGuys said in this video:
- SOXXneutralshort-termSemiconductors show a temporary bottom that is hardly convincing — just a tightening range that must break to the upside for a confident bottom.Source
- SPYneutralshort-termThe host sees the S&P 500 as weekly consolidation with a solid bounce off the lows, but a 4-hour rising wedge is trying to break bear; bulls need to regain a daily uptrend.Source
- QQQbearishshort-termThe Nasdaq is weaker than the S&P with an unconvincing bounce that never reached the daily 12 EMA; it could still be a bear flag until a daily uptrend confirms.Source
- Market Breadthneutralshort-termStrong sectors XLF, XLV, XLP, XLU keep pushing to new highs; as long as the rotational torch-passing continues the S&P stays healthy, but weakness in unison would be a red flag.Source
- Othernegative for stocksmid-termLRCX broke through its lows on earnings, confirming a monthly downtrend; the more semi names that lose their July lows, the greater the odds others follow.Source
- MUneutralshort-termMU and SNDK remain well above their monthly 12 EMAs with a solid intraday bounce, but are in tightening ranges that must break upward to shift momentum.Source
- IWMneutralmid-termThe Russell is testing its monthly 12 EMA with a monthly higher low forming, and the RTY/ES ratio confirmed a daily uptrend for the first time in a while — small caps could carry the torch if bulls follow through.Source
- TSLAneutralmid-termTesla remains sideways in a megaphone pattern post-earnings; a monthly lower high versus 453 is the most likely scenario, with 345 as the key support.Source