What's going on my fellow stock market gamblers, i hope you're having a great day. My name is matt and in this video i will be covering some important market updates and announcements, so you're better prepared for the upcoming trading week. Earnings season is about to reach its peak with an absolutely stacked deck of reports coming up. This comes at an interesting time, because the argument that u.s equities have run out a bit too far is starting to gain some serious traction.

Now i don't have a crystal ball, so i can't tell you definitively what's going to happen one way or the other, but i can point out some key things that you should be aware of if you're interested in these type of market updates, stock analysis or seasonal Trade ideas join the party by subscribing to the channel, don't forget to turn on your notifications, so you don't miss any of the new videos alrighty. Then, let's get started with some key economic reports for the upcoming week. There are two main things i will be paying attention to on wednesday july 29th. The federal open market committee announcement will be at 2pm, then at 2 30.

On the same day, the fed chair, jerome powell will have his press conference depending on what he says or doesn't say. The market can definitely have a notable reaction, then, on the following day, thursday july 30th, at 8, 30 am both the gdp and initial jobless claims report will be released from a market perspective. I think these will have less of an impact relative to what powell has to say, but they are still important now that we got that out of the way we can move our attention to the excitement of peak earnings season. I will be covering seven key earnings reports that will most likely determine trading not just for the week but for the near term.

The first on this list is visa. The company's stock ticker is v and so far on the year they are up. 3.2 percent visa has done a good job rallying from this low in march, but, as you can see, since mid-june, it's become range bound wall. Street analysts are expecting a revenue decline of 17, but a more important question is: will investors care, as far as i can tell? No one is expecting a big surprise from visa.

Rather, there is hope that their report offers insights into recent consumer and business spending. There is a good chance that this report sets the tone for the rest of the week if you are specifically interested in trading visa. The first two resistance lines i would personally be watching would be just above two hundred dollars and just below two hundred and four dollars on the flip side. The first two supports i would be watching would be 186 and then 184, the next earnings report.

You should be paying attention to is shopify shopify, whose ticker is shop, is up an incredible 130 percent on the year. Their earnings report is set to come out wednesday july 29th before the market opens shop, made this particular list because, as you can tell, it was well positioned to benefit off the stay-at-home economy. However, this chart is starting to look dangerous to make matters worse. The market did not react kindly to the earnings reports of netflix or tesla since the start of this year, shopify has experienced some incredible growth and they will have to post some massive numbers to justify this recent move in terms of support.

The first two i would be paying attention to would be 868 and 844.. If the bulls can't hold this bottom line, i would then be watching 784.. On the other hand, if they do have another blowout quarter or if we bounce off of one of these supports, i would be paying attention to the resistance at 1022 and the all-time high of 1075.. After the market closes on wednesday july 29th.

We will get to hear from the social media titan facebook, facebook, stock symbol is fb and so far on the year they are up 11.59. This particular report will be interesting for two reasons. First, social media companies have been a tough read, their earnings reports for twitter and snapchat were mixed back user growth has been a big question and many analysts are hoping to get some answers on the earnings call. Second, is more specific to the volatile environment.

Facebook has found itself in. There has been a lot of political stress on mark zuckerberg, as he tries to appease users, regulators and shareholders, there's a good chance. He will personally address this during the earnings call. As for support and resistance, i would personally be paying attention to 241 and 250 for resistance and for support.

I would be watching 221 and 207, so that's it for tuesday and wednesday. Thursday has four incredibly important earnings reports and i'm expecting nothing less than fireworks. The first earnings report on the morning of thursday july 30th is proctor and gamble. Procter gamble can be found under the symbol, pg and so far in the year.

They are up a mere two percent. I know this company might not seem that exciting, but they truly are a consumer service titan. Besides being able to give us a better understanding of what consumer spending currently looks like there's a good chance that procter gamble will set the precedent for other earnings reports such as mcdonald's, starbucks and ge, just to name a few, as you can see here, procter gamble Has been able to benefit off of this covid economy, in fact, the company is very close to breaking out to new all-time highs at 128. If the earnings report goes well, there's a high likelihood, the stock could break above this resistance, but if things don't go well, i would be paying attention to how the stock reacts to the proven support at 125.

If the bulls can't protect this line, i would then be watching 122 once the market closes on thursday. It will be time to buckle up. There are three earnings reports, the first of which is apple apple, whose ticker is aapl, is up a nice 25 on the year since the low in march. Look how picturesque this rally has been the fun stopped recently when it was announced that there are some state level, probes and goldman sachs downgraded the stock in a certain sense.

Apple has become a microcosm of the overall market. Many analysts, investors and traders look to apple to gauge their optimism. There is also hope that the earnings call could provide some insights into the current tensions between the u.s and china. If apple has unit growth issues or in general, becomes more pessimistic, there's a good chance that the stock and the overall market will go down.

The first two supports i will be paying attention to come at 345 and 332.. If the company is extremely optimistic and beats analyst expectations, i will be watching the resistance of 375 and then that would be followed by the all-time high of 400.. Next on the list is amazon, amazon's ticker is amzn and, as you can see from this chart, they've been doing extremely well recently. In fact, they're up over 60 percent amazon is a favorite of many traders and investors, but i wanted to specifically talk about it because of their cloud operations.

Business, aws, microsoft's cloud business azure was able to post some impressive growth numbers this past quarter. It will be interesting to see if amazon will be able to follow suit, which would suggest that cloud operations as a whole are growing, which could be suggestive of growth in e-commerce. If you're bullish on amazon, the first two resistance lines i would be watching are 3240 and the all-time high of 3344.. As a fair word of warning, this chart doesn't look the best.

The first two supports i'll be watching come at 2630 and then that would be followed by 2508.. The final key earnings report to come out after the market closes on thursday july 30th is alphabet also known as google alphabet's ticker is g-o-o-g or g-o-o-g-l, and since the start of this year it is up just under 13. This is a good earnings report to pay attention to, because there is a suspicion that there might be a weakness in their ads business depending on how bad other businesses are suffering. Their marketing budgets may have really dropped.

On top of that, the company has been spending an incredible amount of money on research, but the returns haven't been. The best reports suggest that projects such as the self-driving car and google fiber haven't produced much to date from a charting perspective. A similar type of weakness is being shown that we saw in amazon, apple and shopify. As of the most recent close, we are extremely close to the first support level of 1476..

If the market is pushed below that, i would then be watching 1388. But if the overall optimism in the market continues, i would be watching the resistance levels of 1532 and that would then be followed by the all-time high of 1587.. Now that you know what earnings reports you should be paying attention to, let's take a look at the overall market. This is the daily chart of the s p.

500. For the longest time we were stuck in this wedge structure, but we were able to break out of the resistance at 323.. This bullish move was short-lived and we're now back below this resistance that was established in mid-june. This particular move may have established this upward channel, which is also referred to as a bear flag.

These do commonly break downwards, but obviously that's not guaranteed. I do want to quickly point out an observation on the rsi. If you compare the high from june to the recent high you'll notice that, even though the market made a new high, the rsi didn't, this is considered to be bearish divergence and it means that less people are buying here than they did here. Similar to this bear flag, this divergence is commonly indicative of a future decline but, as i said before, nothing in the markets is guaranteed, which is why you should trade from level to level.

I just wanted you to be aware of this overall situation. I truly hope this analysis helps you be better prepared for whatever the market has in store. Next, if you have any questions, feel free to reach out to me in the comments below if you enjoyed the video, let me know by hitting the like button, if you enjoy this type of content subscribe to the channel and don't forget to turn on your notifications, Thanks for watching and until next time best of luck in the markets, you.