Market Analysis for Jul 27th, 2021

Ricky Wen By

Bigger picture wise..the general theme was for megacaps to explode higher this Summer (we got exactly that...now they are at risk of a turn which translates to equity indices at risk)

AAPL AMZN GOOGL MSFT FB all hit my respective targets (+15-20% quick gains and more) for this Summer 

Now, sitting at multi-month channel highs going into earnings. Risk vs reward is not very optimal for bulls here going into ER.

Manage risk here into ER, number 1 priority  (we've been hedging and raising cash across the board) 

August typical weak seasonality is also a concern 
Ricky Wen is an analyst at ElliottWaveTrader.net, where he writes a nightly market column and hosts the ES Trade Alerts premium subscription service.

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