NQ1!, Mixed Earnings, Market Remains Neutral

Yesterday's bullish sentiment was invalidated ahead of the mega tech earnings. Even in the pre-market the small channel seen on the chart got broken and that accelerated a downside move. The price was channeled down into the previous balance. Responsive buyers are active around July's point of control. Notice how well the Bollinger Bands worked.

A strong buying has occurred after the bell. However, the price remains inside the previous balance and only retested its edge. It is not clear whether we deal with a false breakout or not. The market needs to provide more data. Mixed earnings results may lead to a choppy action before the dust settles especially in the middle of the bands.


07/25/2019