Earnings Shake Big Tech as Oil, Gold, and Bitcoin Test Key Levels

The S&P 500 Index (SPX), tracked through the SPDR S&P 500 ETF Trust (SPY), finished 0.12% lower and remained above the declining trend line it cleared yesterday. The problem is that the move still has not confirmed a stronger breakout. Volume reached only 31.66 million shares, compared with 34.32 million yesterday, so participation remains light.

The Nasdaq 100 Index (NDX), tracked through the Invesco QQQ Trust (QQQ), fell 0.51% but stayed above the trend line connected to the June 5 pivot low. That is the level buyers need to defend. The next resistance is $716.58, where the declining trend line from the June 30 and July 15 highs comes into play.

The United States 10-Year Treasury Yield (TNX) continued pushing higher, which helped pressure both the S&P 500 and Nasdaq 100. What stands out is that semiconductors did not follow them lower.

The VanEck Semiconductor ETF (SMH) closed at $586.91, above yesterday’s high of $586.00. That officially negates the head and shoulders pattern and turns $575.87 into support. Volume was still light at 4.96 million shares, compared with 7.13 million yesterday, so the breakout needs stronger participation. The next test is around $608, with major resistance near $623.

The iShares Semiconductor ETF (SOXX) confirmed a similar breakout, closing at $555.52 above yesterday’s high of $555.16.

Super Micro Computer, Inc. (SMCI) jumped 19.84% after announcing a positive margin outlook and more than $60 billion in fourth quarter orders. The stock now needs to clear roughly $31.07, with the next level near $34.00. Dell Technologies Inc. (DELL) rose 9.32% and continues building a weekly bull flag. The key breakout level is $469.47. A daily close above that price would release the momentum building inside the consolidation.

Tesla, Inc. (TSLA) traded near $365.00 after earnings and reached $360.50. The next support is near $354.08, with the gap fill close by at $352.50. Alphabet Inc. (GOOGL) briefly moved below $336.28 after hours and recovered, making that the immediate support. International Business Machines Corporation (IBM) dropped to $199.77, bounced from $201.50, and traded near $210.33. It now needs to close above the declining trend line around $211.00. Texas Instruments Incorporated (TXN) fell as low as $269.00 before recovering. Near term support is $277.42, followed by $259.94.

Gold (XAUUSD) pushed through several resistance levels but pulled back near $4,136. The next barriers are close together at $4,150 and $4,171, so sideways movement would not be surprising before another attempt higher. Silver (XAGUSD) also extended its move, but it still has to clear the July 6 pivot at $63.20 to escape the larger bearish consolidation.

West Texas Intermediate Crude Oil (WTI) reached $88.61, rejected at the declining trend line, and then held $85.75 as support. A break below that level points toward $81.33. If oil clears the trend line, the next major resistance is $96.44. Henry Hub Natural Gas (NG) moved above $2.9068. A daily close above that level increases the probability of a move toward $3.00 and then $3.10. The larger breakout level remains near $3.30.

Newmont Corporation (NEM) is retesting the top of its parallel channel ahead of earnings. The upside level is near $102.79, while a failure of the current support area could send the price toward $85.87. Reddit, Inc. (RDDT) fell 8.32% and moved back inside its weekly bear flag. The upper boundary is $195.05, and the lower boundary is $161.76. A weekly close below $161.76 opens the door toward $142.00.

Take Two Interactive Software, Inc. (TTWO) has negated its inverse head and shoulders pattern, so the former $308.50 measured target is no longer active. Support is now near $219.08.

Bitcoin (BTC) fell almost 1% but reclaimed its rising parallel channel. Near term support is $65,898, and the next level to beat is $67,264. That supports the possibility of a bounce, but the larger head and shoulders target at $37,508 remains active.

For now, the market is rewarding patience. Semiconductors are leading, but volume is light, yields are rising, and several major assets are sitting directly beneath resistance.