Taking Profits (LUV, WMT) – July 14th, 2020
DailyPlay Positions Outlook:
After the market broke out above its major $317 level on earnings optimism in the morning, rallied towards the next target of $323, it reversed its gains on California’s tightening rules. Closing back below $317 puts the market back into a neutral zone with a false breakout yesterday. Corporate earnings remain in the forefront with strong JPM earnings this morning and German & UK economic numbers dragging those markets lower.