QQQs Reach Long Term Wedge Resistance

Subscriber Daily Trading Data Trackers for July 21st

From our post earlier today, our early focus is on Intuitive Surgical, the moving average cross here is what’s leading us toward put structures for the earnings. The options straddles are looking for a 6.7% move or 35 points. We are targeting the 7/25 expiry $510/$480 put spread which can be bought for 9.25, so risking 9.25 to make 20.75 for a 2.24x risk reward structure. Take a look at the chart, we know this stock is a retail and institutional favorite but technically, it seems set up for a down move:

We will cover Tesla and Alphabet tomorrow as their earnings are out on Wednesday along with ServiceNow, which last quarter saw a massive post earnings jump in its stock price going from $745 to $945 basically!

When we look at the QQQs they are pushing into extreme wedge resistance and it will be interesting to see if we get a pop out of this wedge to then see a move right back down into. 567 is key upside resistance this week:

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