| Make or Break Week for the Bulls Technical Outlook and Market Thoughts Major Market Levels Nasdaq Support To Hold: 24,750-24,500 Price To Clear: 26,250 All-Time High Level: 27,000 (27,190 on 6/1) Bearish Breakdown Level: 24,500 The Nasdaq was down 2.1% for the week and its gain for 2026 has been lowered to 7.5%. Key support at 25,250 failed to hold on Thursday with Friday’s intraday lower low tagging 24,918. This matched the 8% pullbacks on the June 9th low at 24,980 and the June 26th bottom at 25,014. The May 4th low is at 24,913 with fresh support at 24,750-24,500. These levels represent 9% and 10% declines from the all-time high from June 1st at 27,190.Lowered resistance is at 25,500-25,750 followed by 26,000-26,250 and a 50-day moving average that is showing signs of rolling over. |
 |
| S&P 500 Support To Hold: 7,400 Price To Clear: 7,500 All-Time High Level: 7,600 (7,620 on 6/2) Bearish Breakdown Level: 7,225 The S&P was off 0.6% for the week with its YTD move now at 8.3%. Key support at 7,400 was breached but held on Thursday’s close back below the 50-day and 20-day moving averages. This reopened risk to 7,225 if 7,400 and Thursday’s low at 7,376 are tripped again. The 7,100 level represents an -8% decline.Resistance remains at 7,500 followed by 7,575. Closes above 7,600 would be a renewed bullish signal for fresh record highs up to 7,750 and our May 15th upper end price target. |
 |
| Russell 2000 Support To Hold: 2,925-2,875 Price To Clear: 3,000 All-Time High Level: 3,050 (3,046 on 7/1) Bearish Breakdown Level: 2,800) The Russell dropped 1.1% for the week but has still zoomed just over 18% in 2026. Crucial support from July 8th and June 17th at 2,925 was tripped but held with Thursday’s low hitting 2,924. A clean break below 2,925 and the 50-day moving average (now at 2,928) would likely get early June support at 2,800 back in focus. We have been saying since mid-June, the 2,925 level needs to hold into earnings season and late July to keep the overall market pushing higher highs. This week will be that test for the bulls.Resistance remains at 3,000 and the top of the current range over the past 13 sessions. The index tagged an all-time high of 3,046 on July 1st with our June 12th upside targets at 3,150-3,200. |
 |
| Dow Jones Industrial Average Support To Hold: 51,500 Price To Clear: 52,000-52,500 All-Time High Level: 53,294 (on 7/7) Bearish Breakdown Level: 50,500-50,000 The Dow dipped 0.4% for the week and has added 8.1% for the year. The blue-chips failed to hold 52,000 for the third time in five sessions and this level is now resistance. Closes above 53,000 and the July 7th all-time high at 53,294 would be a renewed bullish signal.Multiple closes below 51,500 and the 50-day moving average would imply another slide towards 50,000. The June 10th and 11th lows intraday lows kissed 49,913 and 49,977, respectively. |
 |
| S&P 500 Volatility Index (VIX) Initial Warning Level (Slightly Bearish): Multiple closes above 18.50-20 Bearish Market Signal: Multiple closes above 22-24 Lower Volatility Targets (Ongoing Bullishness): 15 (maybe 13.50-12.75) The VIX held the 18.50 level throughout last week and up until Thursday following the previous Friday’s surge out of the downtrend channel. Thursday’s pop to 20.31 cleared 20 but a level that held. There have only been two closes above 20 and 22 since April 9th but the volatility on Thursday did do some technical damage to the major indexes.The 18.50 level held on Friday’s weakness in the VIX with key support at 17.50 getting breached but holding. More important support areas are at 16.50-15. |
 |
| Earnings and Economic NewsBefore the open: AstraZeneca (AZN), Baker Hughes (BKR), Bank of Hawaii (BOH), Noble (NE)After the close: Applied Digital (APLD), Celestica (CLS), Nucor (NUE), Rambus (RMBS), F5 Networks (FFIV), Cadence Design Systems (CDNS)Economic NewsNoneCommentaryThis week is the busiest week for the 2Q earnings season with reports from Amazon, Apple, Meta Platforms and Microsoft due out on Wednesday and Thursday. Applied Digital and Rambus announce after Monday’s close and United Parcel Service and Visa on Tuesday.There are a bevy of other announcements, as well, along with economic news that will be scattered throughout the week. Aside from pending war updates, the most important meeting likely comes midweek when the Fed will make its latest decision on interest rates.The current chatter is that the central bank will hike rates in September, but the market is also pricing in a meaningful possibility that the Fed could lift its borrowing rate a quarter point as soon as this week.The technical damage from last week once again pushed major and key support levels with lower multi-month lows occurring for the Nasdaq and the Dow. Alphabet was recently added to the blue-chips and why the volatility has picked up a touch in the Dow.Despite the bears best efforts, the resiliency of the bulls has been ongoing since the bounce off the late March lows for the market. At some point, a meaningful and double-digit pullback and correction will occur…and we will continue to watch and highlight those possible clues. Until then, we still have to respect price action.News that there has been yet another pause in the skirmish between the United Staes and Iran, has lifted futures and pushed oil lower. Dow futures are jumping 235 points while the Nasdaq futures are surging 341. The S&P futures are higher by 33 points and the Russell futures are up 25 ticks.The August monthly options have 25 days from Monday’s open before expiration. September and October regular monthly options have 53 days and 81 days, respectively, before expiration. Momentum Options Alerts Update for 7/27/2026 Closed Momentum Options Trades for 2026: 35-11 (76%, 8 triple-digit winners); 2025: 55-20 (73%, 17 triple-digit winners); 2024: 77-17 (82%, 38 triple-digit winners); 2023: 34-11 (76%, 8 triple-digit winners). Overall: 201-59 (77% win rate) 70 triple-digit winners. Please remember, all “Exit Targets” and “Stop Targets” are targets. You should not have any “Stops” entered to close any alerts or “Limit Orders” in your brokerage account unless we list one. We will send out an “Alert” or “New Alert” if we want you to close a position or if a new position comes out. Otherwise, follow instructions at all times in the updates on Monday’s and Thursday’s along with Text Alerts and videos throughout the week. Pfizer (PFE, $24.54, down $0.47)Option: PFE September 24 putsExpiration Date: September 18th, 2026Entry Option Price: $0.57 (7/22/2026)Current Option Price: $0.57Exit Target: $1.20Return: 0%Stop Target: NoneAction: Upper support at $24.50-$24.25 with Friday’s low at $24.51. A close below the latter likely gets $23.75-$23.50 and possible fresh 52-week lows in play. Key resistance is at $25.25.Earnings are due out August 4th. |
 |
| KraneShares CSI China Internet (KWEB, $26.29, up $0.02)Option: KWEB August 30 callsExpiration Date: August 21st, 2026Entry Option Price: $0.35 (7/15/2026)Current Option Price: $0.20Exit Target: $0.70Return: -43%Stop Target: NoneAction: Friday’s low kissed $26.14 with upper support at $26.25-$26 holding into the close. Resistance is at $26.75-$27. |
 |
| DraftKings (DKNG, $23.01, up $0.20)Option: DKNG August 30 callsExpiration Date: August 21st, 2026Entry Option Price: $0.95 (7/10/2026)Current Option Price: $0.20Exit Target: $1.90Return: -79%Stop Target: NoneAction: Lower resistance at $23.25-$23.50 was cleared but on the run to $23.42. Support is at $22.50-$22.25. Earnings are due out August 6th. |
 |
| Snap (SNAP, $4.35, down $0.06)Option: SNAP September 7 callsExpiration Date: September 18th, 2026Entry Option Price: $0.55 (6/1/2026)Current Option Price: $0.15Exit Target: $1.10Return: -73%Stop Target: NoneAction: Key support at $4.25 held with the low at $4.31. Key resistance remains at $4.75. Earnings are due out August 3rd. |