Tech Leads a Broad Market Rebound, but Resistance Still Matters

The market bounced hard, and the move was broad. Gross domestic product came in slightly below expectations, which could reduce the case for another rate increase, although the odds of a September increase still moved higher. The yen also strengthened on expectations of Bank of Japan intervention, the dollar fell sharply, and that helped lift stocks, metals, and Bitcoin. Earnings added fuel, especially with Microsoft Corporation (MSFT) gaining more than 10%, while the war in the Middle East remains a key risk.

The S&P 500 Index (SPY) quickly recovered from the prior selloff. Price moved back into the parallel for one candle, but never closed below the prior low. Instead, it gapped back above the channel. If the price does not gap above resistance, $744.02 should act as intraday resistance. An open above it shifts the next resistance to $749.00

The Invesco QQQ Trust (QQQ) closed just above $674.90, broke below it the next day, but never confirmed the breakdown. That left the move open to reversal, and the price pushed back through the level. The next resistance is $695.25.

The VanEck Semiconductor ETF (SMH) bounced after falling about 25% from its high and closing below the 50% area of the parallel. In the prior cycle, SMH gained more than 200%, dropped about 30%, then bounced about 29%. Price stopped near $545 at the top of the parallel. An open above $546.36 would strengthen the recovery and open at $581.38.

The U.S. Dollar Index (DXY) failed to hold its breakout and returned inside the channel. The likely destination is the 50% area at 98.9, with 99.53 as the first possible stopping point.

Gold Futures (GC) finally closed above its declining trend line after seven sessions. One close is not enough, but a follow-through move would strengthen the breakout and turn that line into support. If price fails to reenter the larger parallel, $4,195 could become a bounce area. Silver Futures (SI) moved back above the 50% area of its parallel. Resistance sits at $59.75, then $63.26. Gold and silver may still move lower later, but both have room for a near-term bounce.

The United States Oil Fund (USO) slipped about 0.5%. Resistance is $86.17, and a move above it opens $96.44. Natural Gas Futures (NG) are trying to hold former support. If it holds, the next resistance is $2.90.

AngloGold Ashanti plc (AU) is still weak despite holding $75.95 and consolidating in the upper 50% of its parallel. Unless price breaks out of the bearish pattern, the next likely level is $63.40. A bullish break could send the price toward $91, but that area should carry heavy resistance.

Microsoft reached $458.69 before pulling back to close near $451, roughly 1.5% to 2% below the high. The key level is around $458. A sustained move above it opens the 50% area of the parallel at $500, which should be strong resistance.

Amazon.com, Inc. (AMZN) reached $258 after hours. If it opens below the 50% area of the parallel, $252.51 is resistance. A stronger move could target $264, while the larger area around $265 and 50 would require a move of more than 12%.

Apple Inc. (AAPL) sold off after running directly into earnings. The first support is near $315, with a gap fill at $314.86. If that fails, the next support is where the old parallel and its 50% area converge near $306 to $307.

Roblox Corporation (RBLX) closed at $4867 and moved below a long-standing rising trend line. Support is $39.21. A break could push the price below $30 toward $2909. Bulls need a price above $39.21 to avoid a new low below $40.15. A recovery would need to reclaim $45.50.

Bloom Energy Corporation (BE) gained 26% and closed above its first major resistance. A confirming move would support an aggressive target at $231.62 near the bottom of the M pattern. First Solar, Inc. (FSLR) pushed back into its parallel. A confirming close inside the channel would target $231.42.

Rivian Automotive, Inc. (RIVN) traded near $16.93 after hours and reached $1748, but stayed inside its range. Prior rebounds from the lower boundary of its parallel measured 64%, 97%, and 44%, making that support important if the price sells off again.

Bitcoin (BTC) is forming a possible inverse head and shoulders pattern. The neckline is near $66,851, with resistance at $67,300. A confirmed break would activate a measured move toward $76,276. Even then, Bitcoin would remain inside a broader bearish consolidation.

The rebound is real, but many charts are approaching resistance. Let price close, confirm, and hold before treating the next breakout as durable.