To The Moon

$NASDAQ(.IXIC)$ (-0.74%) is back to its recent low. This support is now tested again (notice that it is not strong support), let’s see if it holds. For now, watching this level and then the marked lows as well.

$S&P 500(.SPX)$ (-0.41%) went down below the support level, but buyers came in for now and the price back to its historic low. Watching to see if it holds and then keep an eye on the other marked levels (if the case, of course).

In the news

Verizon increases dividends for the 16th consecutive year.

$Apple(AAPL)$ is gaining on Facebook and Google in online ads after the iOS privacy change.

Ether’s strength over bitcoin reaches a yearly high.

Juul to pay about $439 million to settle e-cigarette marketing probe.

Sectors

• Best yesterday sector: Real Estate, then Industrials. Worst sector: Energy.
• Best weekly sector: Healthcare, then Real Estate. Worst sector: Basic Materials.
• Best monthly sector: Energy, then Utilities. Worst sector: Technology.

Sentiment

• NAAIM (weekly, neutral between 70 and 90): 32.36
• VIX (neutral under 20): 26.91
• Equity Put / Call Ratio (neutral between 0.7 and 1): 1.13
• CNN Fear & Greed: 41 (Fear)

Breadth

• Stocks above SMA40 (neutral between 30 and 80): 29.57%
• Stocks above SMA200 (neutral above 30): 23.98%
• Number of stocks that increased yesterday by more than 4%: 234
• Number of stocks that decreased yesterday by more than 4%: 403
• McClellan Oscillator (neutral between -100 and 100): -184.85

Earnings Reports

UiPathPATH -19.35%↓ stock drops more than 18% after outlook cut. Coupa Software reported July-quarter earnings and revenue that topped estimates as business travel bounced back. COUP 11.33%↑stock jumped as the company announced a $100 million share repurchase program.

Noteworthy earnings reports for today:

What to trade today

Market had 6 distribution days in both Nasdaq and SP-500, so it is better to wait for a base to form. It will be great to see the lows tested and then a breakout above a pivot. Until then, the choppy price action might bite the profits if trading too often.

Cash is king, do not rush things.

Even if I do not plan to trade today, I will watch stocks mainly from the TOP 20 Industry Groups:

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