Watch List July 30th

Good Morning,

Yesterday we saw the SPY push to new all time highs yet again and we saw some continued easing in the VIX. This morning we are getting a reminder that all time highs can always lead to some pullback. This morning the SPY and QQQ are both under some pressure and the VIX is pushing up a bit in the premarket. A large part of this pullback is probably due to an earnings miss by AMZN and it will be important to see if AMZN finds some support this morning or continues to sell off. We will also keep a close eye on the sma20 for the QQQ which is already getting tested and for the SPY which could see a test if we continue to pull. Here are some names that we will be watching today:

FULT is one of many financial sector names that I'm seeing setting up for a reversal in a TTM Squeeze on the daily. I like this off of the sma20 for a push up into a volume gap above with a target of $17 or higher

SKX is a recent earnings winner that is trying to take out vwap anchored to the gap up. I like this on a soft open that goes red to green today for a push up towards $60

SNAP is another recent earnings winner trying to take out vwap anchored to the gap up. I like this over $76 for a push up to $80 or higher

FB I will be watching with an open mind at the daily sma20. I like this for a bounce if it holds, and I like it short if it breaks down below its sma20

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