In today’s briefing:
- THE SPX Summer Top/Short Sequence
- BYD 300-10 Short Zone to Press on 240 Support
THE SPX Summer Top/Short Sequence
- SPX met the 4,000/20 summer rally target (long from 3,700) with a dip/rally sequence into early August to complete the topping process.
- Transitioning from risk on to risk off while finessing the SPX 3,900 pivot support that will define market energy in early August and the macro risk tone.
- NDX remains our favored short (aligned with SPX 4,000) and in early August. RTY long from 1,650 met our rally objective at 1,820+.
BYD 300-10 Short Zone to Press on 240 Support
- BYD (1211 HK) is a short on upticks near the gap and physical resistance for a decline to pressure intermediate support at 240 (break expected).
- Sell volumes spiked on the jolt down with sellers waiting overhead on a secondary bounce attempt.
- RSI shows a compelling bearish set up after topping at the 70+ sell zone with bear divergence that supports a downside surprise.
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