Markets Fade Ahead of Big Tech Earnings as Yields Rise and Oil Drives Volatility

The market opened with a gap higher, but light volume did not create the usual upward bias. Selling was steady rather than aggressive, and the major averages faded throughout the day as investors waited for earnings from Alphabet, Tesla, Intel, GE Vernova, and General Motors, with the Federal Open Market Committee meeting next week.

The SPDR S&P 500 ETF Trust (SPY) slipped back below its declining trend line after failing to reclaim it. The next battle is near $746.63. A close below the July 8 low at $739.51 would open the door to trend line support near $732.47.

The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100 Index, briefly pushed through $704.32 before closing back near support at $695.31. If that level breaks during earnings season, the next support is $674.90, with very little established buying support between those levels.

The VanEck Semiconductor ETF (SMH) gained 0.41%, but it was rejected again at the neckline of its head and shoulders pattern. That resistance sits at $573.83. Repeated tests can weaken resistance, but the close near the day’s low keeps the level intact. Support is at $552.66, followed by $540.36.

The U.S. 10 Year Treasury Yield (US10Y) rose to 4.594% after dipping around 7:00 AM ET, then moving higher as the stock market opened at 9:30 AM ET. The yield remains above its declining trend line, with the next resistance at 4.687%.

Gold Futures (GC) fell 0.25% and remained below $4,098. Staying under that level raises the probability of a move toward $3,886, followed by $3,450. Silver Futures (SI) finished higher but remains trapped below its declining trend line. Current support is $55.80, and a breakdown would expose $49.80.

West Texas Intermediate Crude Oil Futures (CL) showed the day’s strongest volatility. Oil gapped higher Sunday night, pulled back through former resistance, then used that same area as support before accelerating later in the day. With Middle East negotiations being discussed while conflict remains active, the next resistance is $85.75. A declining trend line from April 7 reinforces that area near $85.77, especially as it converges around August 3.

Natural Gas Futures (NG) weakened sharply. Buyers had supported the prior six sessions, but that support was absent today. The next level is $2.75. A break below the April 24 low would weaken the inverse head and shoulders pattern, while a recovery toward $3.30 would help preserve it.

SpaceX (SPCX) remains difficult to judge because its trading history is limited. The stock listed near $149.34 after a pre IPO price of $135. It is holding one declining trend line near $114.60, while another now acts as resistance at $121.29. Reclaiming that level could open a move back toward $149.34, although the extended decline still leaves room for a technical bounce.

GE Vernova Inc. (GEV) reports on Wednesday before the opening bell. Support begins near the July 17 low around $982, followed by the lower channel and gap area near $940. Resistance is near $1,125, then $1,152.

Tesla, Inc. (TSLA) reports Wednesday after the closing bell and is holding its rising trend line by a narrow margin. Support is $360.39, while resistance is $408.25.

Alphabet Inc. (GOOGL) also reports Wednesday after the bell. Its inverse head and shoulders pattern was rejected at the neckline last Thursday. Support is $336.44, with resistance at $371.32.

General Motors Company (GM) reports tomorrow morning. Resistance is $82.23, then $84. A breakdown could send the stock toward $70.43 and then $68.86, while $74.33 may become an important rebound area.

Bitcoin (BTC) gained nearly 1% and is attempting to confirm a return inside its parallel channel. A daily close above the July 18 high at $64,827 would strengthen that move. Support is $64,265, followed by resistance at $67,277 and $71,500.

The market is entering a heavy earnings window with rising Treasury yields, weak follow-through in the major averages, and several assets sitting directly at decision levels. Patience matters here: let earnings, yields, and price confirmation determine the next move rather than anticipating it.