Scan/ State of The Market For 7/31 From Josh

Indices:

QQQ – remaining strong above the 10/20ema after Thursdays shakeout, important to keep in mind the bigger picture, saw a lot of people get so bearish on Thursday only to see most momentum stocks trade above their highs on Friday morning, 386-388 next spot im looking at on QQQ if 384 holds , if the otherside, shorts are going to get more favorable, need to see 375 get heavy and we take out this past weeks lows

IWM- am looking if we get over 198.40-.60 and hold for next leg

SPY- this week am looking if we clear 459.40 for upside, weekly lows to break if we are going to turn

AI

PLTR- remains strong looking vs 17.20s for a break of 19++++

QSI- looking vs 3.25 and VOLUME to come in for a breakout over 3.65 and push over 4+++ , this name had a 200%+++ move in a month pulled back and is setting up again

QS- this was a big pivot last week on earnings, largest volume day since April 2021, earnings were nothing to write home about but people don’t care, it’s the sector quantum computing/ AI that they care about, ideally a pull to 11.80/12 for another entry, not looking to chase , but rather buy weakness on strength

IONQ- watching this name this week vs 17 for 20+++

AI- this isn’t heavy to me until we roll under the 50sma 37, if we continue to hold here , I think good indicator of the AI sector as a whole , this was the first name to run in the space, alerts set , if we clear 44 from last week, short interest is high here so watch out

Notable Earnings breakouts from last week:

ROKU- 5min opening range breakout , all day trend , will be watching vs 82-83 this week

TDOC- 5 min opening range breakout, trend , watching 27.50/27.20 this week for a long entry , would like to see build above 30

BA- 224 clear and breakout, now have to wait for another setup

 

XPEV- ev sector strength +++ china sector going as a whole , refer to KWEB /FXI , not chasing here if blows off and speeds up 26-30 would look for a potential short, but really not looking to step in front , rather wait for first red day after this past 3 day explosion of a move

GOOGL- great earnings

Other

UBER- earnings Monday post close: watching vs 45.70s for a 50 +++ breakout, more eyeballs coming here on the street , Tepper big position

BABA- this week watching vs 98 for continued strength

COIN – going to be watching vs 91.66 this week for a potential firm up over 97 and breakout, all this selling was on a decrease in volume