ES Rangebound, AMD Hits Our Target

Good Tuesday Morning, MPTraders!  July 29, 2025-- Pre-Market Update: There are three trading days remaining in July... 

Still to come later this week:

Fed Meeting, U.S. Jobs Report, Trump Tariff Deadline, and Earnings From Apple, Amazon, Microsoft, and Meta...

As for ES this AM, it appears to be following my "instincts" described late yesterday: "my instincts tell me that ES could be rangebound between 6400 and 6450 until the next directional catalyst (FOMC, Trade Deal, PCE Inflation data)... 

Any forthcoming weakness will need to take out support from 6400 down to 6388 (see my attached Hourly Chart) to inflict meaningful technical damage to the dominant post-April uptrend. Otherwise, ES is digesting its post-7/22 gains from 6318.75 to 6457.75 ahead of another upside thrust that challenges 6470-6490 next... Last is 6436.50... (Continued below my ES chart)... 

AMD hit a pre-market high at 176.55 this AM, which satisfied my technical projection set forth in my May 28th post, when AMD was trading at 115.03!  (See my May 28th chart post, and below it, today's current AMD technical setup).

Bottom Line: The technical setup mattered!  In fact, while just about everyone was fixated on NVDA's predominant position in the AI chip space, AMD's chart setup was whispering that it was about to play catch-up, in a hurry. 

Here is the May 28th chart... 

Here is today's (July 29th) chart setup... (Continued below this chart)...

Finally, a look at my NVDA vs. AMD Ratio Chart showing AMD's recent outperformance compared to NVDA....