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Good Monday Morning, MPTraders! July 13, 2026-- Pre-Market Update: An event-filled week is starting, with likely market push-pull cross-currents from new inflation data (CPI and PPI), from Fed Head Warsh comments in his Semi-Annual Monetary Policy Report before Congress, and from Earnings reports out of the Banking Sector starting tomorrow morning: Earnings: Tuesday: J P Morgan Chase Co, Bank of America, Goldman Sachs, Wells Fargo, CitigroupWednesday: ASML, Johnson Johnson, Morgan Stanley, BlackRock, The Bank Of New York Mellon, PNC Financial Services, Elevance, Cintas, United AirlinesThursday: Taiwan Semiconductor, UnitedHealth Group, GE Aerospace, Netflix, Abbott Laboratories, State Street, Citizens FinancialFriday: The Travelers Companies,
After being out of sync with each other for a couple weeks, the major equity indexes are starting to conform a little better. This should make it easier to establish a trend. Yet for now, the trend since at least June, remains sideways (the blue line is the GT Level):Notice also that volume was low this week. SPX rose approximately 90 points this week, or a little over 1%.The market tried to flip short gamma Monday and failed. It also traded below the GT level intraday Wednesday but couldn’t sustain it.
Today the market moved lower, which is keeping both counts in play as we head into the final hour of trading. We are currently sitting just over the 100% extension of the initial move down off the high and the larger support zone below. If we manage to hold over that zone and push back over the 7633 level, then we are likely following the bullish yellow count, whereas a break of support below would give us initial confirmation that we have topped in the white wave (b).
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