Market still move back and force in a narrow range. It is Friday, so Market will move no where. 

The critical point to watch:

For S&P  1250 was Max pain  for last OE,  It carry over most of calls and puts to August, so it is still serve as option related support. Break down this level and stay below means market will resume down trend. Currently, it hold up very well, so next week, we could see some up days.

For Naz  2300 is critical level to stay above in order to keep up trend going. So far, the rebound trend is still intact even with yesterday's big loss. But it is in a critical juncture, just like S&P. Among three market index, Naz now is still the strongest one.

QQQQ consolidate in a narrow range btw 44 to 46  for 21 days.  It is now more towards upside. But every time it close to 46 and touch it, the sell pressure increase and Q's can not break through.  QQQQ is still keep trying. Next week, we should pay close attention to 46 level.  My guess is even Q's break through 46, it may not last last long. When that happen, it will be good entry point for short position. But those is only for aggresive and disciplined trader.  When consolidation is done, most likely the Q's will break down this moving range and continue the down trend.

Next week, we could see some market recover from deep loss yesterday.

We also could see a decent rebound in commodity related stocks ( fertilizer, coal, metals, train, dry buck ) with or without oil price raising. 

For solar power sector,  it has been beat up in past 7 days because of oil price drop and bad economy outlook.  It could have some rebound also along with other sectors.  FSLR will report ER on 7/30. Watch out, it could be a stimulator for the sector.


Happy Trading.