If we gap down Monday then it's 680 gap close and below 680, then 674 comes..
If we don't gap down Monday I expect a grind from Monday- we'd back up to 702-706 and from there we head down in to 674 which is
.618 fib and weekly 20sma..
Most of this sell should come from chips late in the week but let's look at some tech sectors..
Starting with
XLC, The home of googl and meta
Almost near supply area of 103.. has been trading 103 -120 for over a year now and imo it is distribution. I'm looking at this chart and from what I see is, if we break below 103, we are headed back to tariffs lows.
Unless we close below 103 this week I'd be cautious shorting down here .
XLY home of TSLA and Amzn
Too far outside it's daily Bbands.. but the short isn't done. I think we pop higher early in the week then we head to 104 either this week or early next week. As you can see this sector has traded sideways similar to XLC for an entire year.. similar to XLC if XLY holds 104 then a rally can come , but if it loses 104 then we take tariff lows
IGV software sector 
ORCL and 
MSFT
I actually had I hopes for this sector
Bounced Friday off it's weekly 200ema, but the selling isn't done, I expect a drop to 84 this week to complete this double top. From there we'll see what happens
Lastly
SMH chips..
My target this week is the weekly 20sma or 522 gap close
Simple down trend here , with stiff resistance at 572..
So to put it all together, most of the mag 7 and software sectors I see them dropping another 2-4%.. From those crucial supports we either have a big rally going into early August or crash back to COVID lows. the major problem is the monthly candle, if we end up closing below 690 for the month then the bearish dragon fly doji for June is a confirmed reversal which means even if we rally early August we most likely start selling back down around mid August to keep in line with the monthly trend.
If we don't gap down Monday I expect a grind from Monday- we'd back up to 702-706 and from there we head down in to 674 which is
.618 fib and weekly 20sma..
Most of this sell should come from chips late in the week but let's look at some tech sectors..
Starting with
XLC, The home of googl and metaAlmost near supply area of 103.. has been trading 103 -120 for over a year now and imo it is distribution. I'm looking at this chart and from what I see is, if we break below 103, we are headed back to tariffs lows.
Unless we close below 103 this week I'd be cautious shorting down here .
XLY home of TSLA and AmznToo far outside it's daily Bbands.. but the short isn't done. I think we pop higher early in the week then we head to 104 either this week or early next week. As you can see this sector has traded sideways similar to XLC for an entire year.. similar to XLC if XLY holds 104 then a rally can come , but if it loses 104 then we take tariff lows
IGV software sector ORCL and MSFTI actually had I hopes for this sector
Bounced Friday off it's weekly 200ema, but the selling isn't done, I expect a drop to 84 this week to complete this double top. From there we'll see what happens
Lastly
SMH chips..My target this week is the weekly 20sma or 522 gap close
Simple down trend here , with stiff resistance at 572..
So to put it all together, most of the mag 7 and software sectors I see them dropping another 2-4%.. From those crucial supports we either have a big rally going into early August or crash back to COVID lows. the major problem is the monthly candle, if we end up closing below 690 for the month then the bearish dragon fly doji for June is a confirmed reversal which means even if we rally early August we most likely start selling back down around mid August to keep in line with the monthly trend.
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