Weekly Wisdom: The Rotation Sensation

Greetings fellow traders and welcome to your July 22nd edition of Weekly Wisdom: Levels to Know and Moves to Look For!

Now let's get to what we're currently seeing in these volatile markets and what we have our focus on going forward.

?

Here's what we are eyeing this week, July 22 - July 26:

Level Highlights:

• $SPX futures printed yet another new all time high this past Tuesday up at 5721, but has since backed off of those highs with the Nasdaq / $QQQ seeing some outflows.
• $SPX futures closed the past Tuesday strong with a new closing all time high of 5717, but a sharp reversal followed on Wednesday which saw the index trade down from an open of 5715 to a close of 5639.??
• Weekly charts had become a bit extended on the new all time highs that printed earlier in the week, so a bit of a correction should not be feared just yet.??
• Some support levels to watch on lower trading for $SPX futures can be found at 5600, 5570, and 5520.?
• A close below 5500 on $SPX futures will technically put an end to the daily uptrend that has been so powerful and lasted throughout the summer.??
• $VIX has woken up with the rotation and selling that took place this week; 16, 17, and 18 are all prior inflection points to pay attention to, which may trigger further net selling if those levels are to break.?
• Traders should also watch the 96 and 100 levels for the $VVIX while trying to gauge whether further selling is to come into markets.?

• ?

Upcoming News:

• Monday, July 22 does not bring any meaningful data to start the week off.??
• Tuesday, July 23 starts data for the week off with existing home sales and the Richmond Manufacturing Index at 10:00 a.m. ET.??
• Wednesday, July 24 starts off with updates for the goods trade balance and prelim wholesale inventories m/m at 8:30 a.m. ET. We’ll then see flash manufacturing PMI and flash services PMI updates at 9:45 a.m. ET, followed by new home sales at 10:00 a.m. ET.??
• Thursday, July 25 brings the update for advance GDP q/q, weekly unemployment claims, advance GDP price index q/q, durable goods orders m/m and core durable goods orders m/m all at 8:30 a.m. ET.??
• Friday, July 26 ends the week with PCE, core PCE price index, personal income m/m, and personal spending m/m at 8:30 a.m. ET. These are followed by revised University of Michigan consumer sentiment and inflation expectations at 10:00 a.m. ET.??

Want to Trade With My Team? Click here!

-Patrick Hawe

?

?

Disclosures

Patrick Hawe's current positions:

*As of 2:53pm ET July 18, 2024

?

Patrick Hawe is an Associated Member of T3 Trading Group, LLC (“T3TG”), a SEC Registered Broker-Dealer & Member of FINRA/SIPC. All trades made are placed through T3TG.

T3 Live, LLC is a financial publisher that disseminates information about economic, business, and capital markets issues through various media. T3 Live is not a Broker-Dealer, an Investment Adviser, or any other type of business subject to regulation by the SEC, CFTC, state securities regulators or any “self-regulatory organization” (such as FINRA). Although T3 Live and T3TG are affiliated companies by virtue of common ownership, the companies are managed separately and engage in different businesses.

The programs that T3TG distributes (including articles, commentary, videos, blogs and social media postings) are for informational and educational purposes only. No one should consider the information disseminated by T3TG to be personalized investment advice, a recommendation to buy, sell or hold any investment, an offer (or a solicitation of an offer) to buy or sell any investment, or the provision of any other kind of investment advice. No one associated with T3TG is authorized to make any representation to the contrary.

T3TG provides information that viewers of its programs may consider in making their own investment decisions. However, any viewer will be responsible for considering such information carefully and evaluating how it might relate to that viewer’s own decision to buy, sell or hold any investment. Such decisions must be based on that viewer’s individual and independent evaluation of his or her financial circumstances, investment objectives, risk tolerance, liquidity needs, family commitments and other factors, not in reliance on any information obtained from T3TG.

Statements by any person (whether identified as associated with T3 Live, T3 Trading Group, or any other entity) represent the opinions of that person only and do not necessarily reflect the opinions of T3TG or any other person associated with T3TG.

It is possible that any individual providing information or expressing an opinion on any T3TG program may hold an investment position (or may be contemplating holding an investment position) that is inconsistent with the information provided or the opinion being expressed. This may reflect the financial or other circumstances of the individual or it may reflect some other consideration. Viewers of T3TG programs should take this into account when evaluating the information provided or the opinion being expressed.

Although T3TG strives to provide accurate and reliable information from sources that it believes to be reliable, T3TG makes no guarantees as to the accuracy, completeness, timeliness, or correctness of any such information. T3TG makes no guarantee or promise of any kind, express or implied, that anyone will profit from or avoid losses from using information disseminated through T3TG.

All investments are subject to risk of loss, which you should consider in making any investment decisions. Viewers of T3TG programs should consult with their financial advisors, attorneys, accountants or other qualified professionals prior to making any investment decision.

The risk of loss in trading equities, options, forex and/or futures can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage that is often obtainable in options trading may benefit you as well as conversely lead to large losses beyond your initial investment. Past results are not indicative of future results. No representation is being made that any account will or is likely to achieve profits similar to those shown.

T3 Trading Group, LLC is a Registered SEC Broker-Dealer and Member of FINRA/SIPC. All trading conducted by contributors associated with T3TG on the Virtual Trading Floor is done through T3TG. For more information on T3 Trading Group, LLC please visit www.T3Trading.com.