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💥 Click here to check it out while it’s still live Market Editorial - Chuck Crow Southern Company (SO)
SO rallied into the earnings report, but failed to pass above last week’s high at 96.44. Additionally the stock dropped all the way to 92.91, which is below Monday’s low at 93.96. The move in SO did not trigger, and the drop shelves this stock before it becomes active.
Previous Stocks
KDP moved up to 34.43 on Wednesday. That put the stock into a topside breakout. However, like the broader market, KDP fell on Thursday and broke below the low end of the trading range. The move down is enough to back out of this position.
RF failed to reach a new high this week and then dropped down to 25.54 on Wednesday. That put RF below last week’s low at 25.86. The stock hit the trigger point to be shelved and continued down on Thursday to 25.23.
WBA traded to a high at 11.66 on both Wednesday and Thursday. The stock dropped to a low at 11.62 and closed at 11.63. The current low of this week is 11.59. Due to the new month starting we are going to use 11.59 as the step aside number.
SMCI rallied to Thursday’s high at 62.36 but also on Thursday, the stock moved down to 57.72. The low this week is still Monday’s low at 55.30. If the month of August begins with a turn down, then the decision to move to the sidelines may be a smart one.
Observation
The month of July saw the ES futures (pictured on the right) rally from 6245.75 to 6368.75. The month closed up 123 points or 1.97%. The range in July was 241.25 points. That put the change for the month at 51% of the range. Oddly enough the push down on Thursday gave the market the retracement it may need to be able to continue building higher. The down side is that the timing is not ideal, as the market both made a new high, and a quick retracement all on the same day. That day happens to be the last action of the month. If you look closely at the chart of July you will notice that the real decline started at the beginning of this week, and that rally early on Thursday was a last gasp. The question for Friday, and indeed for all of August, is will the market be able to stop the slide. Despite a positive month, July ended moving down, and the momentum of that move needs to be stopped before another move can begin. Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!
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