July 19 Market recap

The weakness I mentioned in the previous post carried into Friday last week, also options expiration day, with the SPX crashing 3%. Today the markets opened higher, slid into negative territory and made a come back to close in the green for the day. IBM reported earnings after hours and missed consensus, markets have turned negative on the news after hours. On the SPX chart, the reversal from the most prominent resistance level 1100 seems to be gaining momentum and a retest of the recent lows of 1020 seems likely, unless news drives us higher.