Market Analysis for Jul 27th, 2021


Bigger picture wise..the general theme was for megacaps to explode higher this Summer (we got exactly that...now they are at risk of a turn which translates to equity indices at risk)

AAPL AMZN GOOGL MSFT FB all hit my respective targets (+15-20% quick gains and more) for this Summer 

Now, sitting at multi-month channel highs going into earnings. Risk vs reward is not very optimal for bulls here going into ER.

Manage risk here into ER, number 1 priority  (we've been hedging and raising cash across the board) 

August typical weak seasonality is also a concern 

Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.