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It will be a busy week for the markets, with loads of economic data, earnings, and an FOMC meeting. It will likely set up a trend for the remainder of the summer with positive news to help supply the market with the fuel needed to push shares higher, while disappointing results may be sending shares lower.

S&P 500 (SPY)

The S&P 500 finished the week off its highs and found itself in a dangerous spot as it attempts to hold on to a critical support level. The S&P 500 had been trending higher since the end of June, forming a couple of bullish patterns along the way. Yet, now that uptrend is broken.

A drop below 3,200 sets up a drop to around 3,180, but triggers the possibility for a further decline to approximately 3,115. Additionally, the RSI has seen its uptrend broken as well, suggesting the index test and falls below 3,180.

NASDAQ 100 (QQQ)

The NASDAQ 100 finds itself sitting on a crucial uptrend, and a break of that uptrend would trigger a sell-off to around 9,760. The RSI trend has also changed from higher to lower. 

Amazon (AMZN)

Meanwhile, Amazon will report results on Thursday, July 30, and this stock is searching for its next level of support, which comes around 2,800. A drop below the uptrend could quickly send shares to approximately 2,450. 

Apple (AAPL)

Apple will report results on Thursday afternoon as well, and it has already broken its uptrend. A drop below $348 would set up a further decline to around $330. Again, the RSI here is pointing to lower prices.

Alphabet (GOOGL)

Alphabet will report on Thursday as well, and this stock finds itself at critical support at $1,500. Again the RSI, points to lower prices, with a support at $1,430. 

Facebook (FB)

On Wednesday, July 29, Facebook will report results and this stock has struggled for a few weeks, now. Again, the RSI points lower, and the stock has stalled around $240. I think the stock will fall back to $211. 

PayPal (PYPL)

PayPal will also report results on Wednesday afternoon, and this stock has soared in 2020. However, it seems like that big run has come to an end. There is a giant gap to fill around $124. While I don’t think the gap will get filled this coming week, a drop to $151 seems possible. 

Shopify (SHOP)

Shopify will report results on Wednesday morning. This stock has seen its valuation rise to crazy levels. I still tend to think this stock will head lower to around $742. 

AMD (AMD)

AMD will report on Tuesday, July 28, and this stock broke last week. It has probably run too far, and will pull back and retest support at $59.

Boeing (BA)

Finally, Boeing will report on Tuesday morning, and the stock has formed a bearish descending triangle, which may set up a decline to $125.