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Market Approaches a Major Resistance Level as the Nasdaq Falls

by | Jul 22, 2022 | Market Updates

The broader indexes are mixed, with the Nasdaq sliding on Snap’s disappointing earnings report — and more in Friday’s stock market recap.

Shares of the social media company plummeted 25% in extended trading Thursday following a missed on both earnings per share and revenue estimates. Snap Inc. (NYSE: SNAP) also revealed it sees weakening revenue growth ahead and plans to slow hiring.

Thursday’s Philadelphia Fed Manufacturing Index came in at -12.3, well below estimates of 0.4 and June’s number of -3.3.

The index serves as an indicator for manufacturing conditions in the U.S. and while the most recent numbers aren’t good, it could mean we’re bottoming out.

In this morning’s stock market recap video, I’ll reveal the key levels for the major indices and sectors… which sector is leading and why… why I’m nervous about tech and discretionary stocks… an update on earnings and why the numbers aren’t disappointing… the biggest factor impacting stocks right now… which bit of Federal Reserve data is being priced into the market… how to prosper in the current economic cycle, and how long the choppiness is going to last.

Don’t forget to like and subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to!

P.S. An Unbelievable 100% Win Rate… in THIS market?!

My 249 beta testers actually did it!

FIVE secret patterns have achieved a 100% win rate on LIVE trade alerts so far!*

All while the markets have been a complete train wreck!

That’s why I just went live to reveal these five secret market patterns…

And I didn’t hold anything back — I shared exactly what the patterns are, the historic win rate and profit factor of each… even the exact entry and exit rules of the strategy.

All at absolutely no cost!

This could be the biggest discovery of my entire career, and I couldn’t wait to share this major breakthrough with you!

If you missed out, not to worry. There’s still time to catch the replay!

See the Event Here 

P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.

That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!

Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.

Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details. 

Stock Market Recap: By the Numbers

This morning’s stock market futures recap:

DOW (mini)

  • Close: 32,036.9.
  • Futures: 32,117.
  • Change: +111.

S&P 500 (mini)

  • Close: 3,998.95.
  • Futures: 4,000.25.
  • Change: -0.5.

NASDAQ (mini)

  • Close: 12,619.41.
  • Futures: 12,608.5.
  • Change: -31.5.

RUSSELL (mini)

  • Close: 1,836.69.
  • Futures: 1,840.1.
  • Change: +2.4.

Note: Updated as of 9:28 a.m. EDT

On Fridays, we’ll review the week that was… We’ll discuss how our trades did, what we learned and how to apply it to next week’s trading plan, and any developing trade setups. This video will put a bow on the week. We’ll also go over winners from my different member strategies.

Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to support@marketgeeks.com!

Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.

*Stated results are typical for given period. Past performance is not indicative of any future results. Trade at your own risk. From May 23, 2022, to July 12, 2022, on live trades, the average win rate is 100% and the average return is 15.3% over a three-day average hold time. 

WRITTEN BY<br>Roger Scott

Roger Scott

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