Special- Crypto

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News Buzz

• Stocks ended an otherwise rough week with broad-based gains across all the major indexes, thanks to strong earnings reports and an inflation update that appeared to cement investors' convictions that an interest rate cut is nigh. 

• The DJI had a particularly good day, as industrial conglomerate MMM rocketed higher after delivering expectations-beating quarterly numbers. 

• Never mind the post-PCE rally – it is not yet time to buy the Big Tech dip, strategists say.

• "We expect that a solid print in Q2's real GDP on Thursday and a subdued June PCED inflation reading on Friday will keep the rally going," Ed Yardeni said in the note.

• Feds accuse famed short-seller Andrew Left of fraud and market manipulation.

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Semiconductors - SOX

• I warned about SOX’s overvaluation and vulnerability several times. It is an important segment of NDX.

• SOX dropped impulsively in 5 waves into the 80D cycle target (red box), about 17% decline 2 weeks.

• It is now expected to bounce in 3 corrective waves before another, longer 5-wave decline.

• The next decline will likely target the 4,300 level +/-.

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Investment Managers’ Sentiment

• Investment managers pulled in their horns from leveraged long positions.

• But I would not expect a low of significance until the NAAIM Exposure Index drops to about 25% +/-.

Follow BraVoCycles on X

• Consider following me on X (former Twitter) for your benefit. My posts in the newsletter and on X go like “hand in glove.” Below is an important post on X from Friday that reveals a dominant cycle in Bitcoin. We have an extensive Bitcoin analysis in the premium content today.

Market Summary

Market Data

As of close on 26 July 2024.

What Has Been

• US stocks rose Friday morning, regaining momentum after three days of losses. 

• The bounce back follows June's personal consumption expenditures index, which mostly aligned with expectations and showed a moderate rise in consumer prices. Headline PCE rose 0.2% from May and 2.6% year-to-year.

• The print helped bolster market convictions that the Federal Reserve can cut interest rates in September.

• Dow advanced 654.27 points or 1.64% to 40,589.34.

• S&P 500 advanced 59.88 points or 1.11% to 5,459.1.

• Nasdaq advanced 176.16 points or 1.03% to 17,357.88.

• Russell 2000 advanced 36.89 points or 1.66% to 2,259.87.

• Asian markets were mixed, and European markets had a green day.

Premium Content

What is Next

• I discussed options in the premium sections.

• Long story short, I expect a bounce of . . .

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