July 25, 2023

Markets:

U.S. stock futures were little changed Tuesday after the Dow Jones Industrial Average registered its longest winning streak since February 2017.

While a stronger-than-expected earnings season has helped maintain the market rally, Wall Street is also carefully awaiting the Federal Reserve’s policy decision on Wednesday. Fed fund futures data shows a 98% probability of a quarter-point hike, according to the CME FedWatch Tool. Investors are waiting for Chair Jerome Powell’s statements on his outlook for the economy as it tackles inflation. 

Mega-cap tech names Alphabet and Microsoft are scheduled to announce their quarterly results after the close. Wall Street will also look at July’s consumer confidence data.

U.S. Treasury yields were higher on Tuesday as the Federal Reserve’s meeting is due to kick off and investors considered the outlook for interest rate decisions from central banks in major global economies that are expected this week.

Portfolio:

We enter the new trading session holding set-ups in MNSO, PATH, S, and EXEL.  Monster earnings set to reease after todays close and we love the price activity we are seeing right now.  How we responded to Thursday / Fridays price action was important.  Technically, this market is still in a beautiful spot and continues to build.  How we respond tonight will be vital for further set-ups.  Be ready today.  Expect an early trigger or two today as the best price action so far has been in the morning and late afternoon since the July 4th break.  Watching for this trend to continue.  Let's have a great session.