Monday’s trade was slow and for the most part range bound. I have nothing to add to the current Elliott count and my expectations do remain the same. Tomorrow, AAPL, GOOG, and MSFT report after the close and I would expect some stronger reaction from the earnings reports. The FED meeting starts tomorrow as well, and that could contribute to an additional quiet day until the earnings are out. Expectations then remain for the current minute wave 3 to continue higher reaching into the zone from 15156 to 15220, with possibilities for an extended run up to resistance at 15292 to 15460. Once complete from either area of resistance look for a minute wave 4 correction to begin. Wednesday should also be an eventful day as FB reports after the close and the FED minutes come out at 2 PM EDT with the Fed Chair news conference at 2:30 PM EDT. Amazon reports on Thursday and again I’m looking for a strong reaction from earnings and that would include either direction. Actually, I would expect stronger reactions from all the earnings reports as well as the Fed meeting results and it would include both directions. Hopefully it will produce some good trading opportunities along the way.
July 26, 2021