How High will these *TWO* Big Tech Stocks Climb 🚀 + Plus QQQ & SPY Analysis

All right. So, are the markets bullish or are they bearish? I think there's a mixed story. We see the QQQs have been in descent for a long time and they're really largely postured bearish still. We saw that Microsoft and Amazon have had an incredible move and are going against the trend of a lot of AI growth stocks that are in decline. They're ripping right now, and I'm going to cover in this video how much higher they can go. Of course, the SPY is doing extremely well. It's gotten above some certain levels that would dictate for me whether it should be in the bullish or bearish camp. Right now, the spy is in the bullish camp. Now, we still have the midterm crisis bearish moment to pass through and the fact that July was not a bullish month for the markets. Neither the spy nor the Q's, even though the spy recovered better, the Q's finished up 5% down. Now, some people are asking, maybe that was a big enough pullback, a 12% pullback that the markets had its test and can keep climbing. And that's what I'm going to try to solve for you guys today. I'm going to take you into the charts. I'm going to give you my opinion as to what's happening and what's going to happen next. Welcome to Wall Street. This is the Stocks with Josh show. Thank you for joining me. Thank you for taking a minute, hitting that like. Uh, hit the subscribe if you're trying to get 1% better on the charts each and every day to take risk on Wall Street. That's my game plan. Okay, let's get into the Q's. What's happening there? Why aren't they as bullish as the spy? Let's go look at that chart. All right, we had a diamond pattern on the Q's and the spy. And I gave you guys these two important price points, 686 and 674. And when we were right in the middle last week, I said, well, depending on which level we move above or beneath is going to determine what the next week is going to give us. We got above the 686 and we're having a bullish week, at least here on Monday so far. But what have we done? Well, on the cues, we were simply ascending for months on end, but now we've fallen beneath the 9 EMA on the weekly time frame, and we've simply come back and back tested it. So, we've got a number of candles here that have formed beneath the 9 EMA. So, I'm going to keep it very simple and make the comment that it would take a couple candles above the 9 EMA to put us back in a bullish regime. We're still in a transitional period. It's more neutral of anything, but neutral and leaning bearish underneath the nine. Currently, we've back tested it. We've got to watch this very carefully. If we fall back beneath the level of 686, we're going to have a far bigger descent and more than likely finish up around 629. This is very normal and what we should expect right now. When the markets are neutral, you have rotation. You have some stocks that rip and begin to do well while others begin to suffer. And that's what we're seeing with Microsoft and Amazon. They're doing extremely well while a lot of other MAG7 stocks are down on their lows still. Let me take you into the SPY and I'm going to show you the story there. It's a little different than it was on the Q's. Now, last week when we were between my two levels here of 7:45 and 735, we were looking at the diamond pattern. We had one big red flush candle. The problem is we did not close out two candles. I have the two candle rule would confirm the break of 7:35. Instead, the following day we went green. We went back into the diamond and I also had this level marked on the chart. I told you guys if we get back above 745, the bulls have taken charge of the market. And here we go on Monday with a strong thrust up. All the way back above 755, we are at the all-time highs again. Now, the SPY is telling a different story than the Q's. It's much stronger. It looks to me like it can go higher. Now, some are trying to figure out whether this is the perfect spot to short. And I would tell you that as long as we're above 755, it's not the perfect spot to short. It's the perfect spot to assume that we're going to make a brand new all-time high. I will say though that if we cannot hold 755, this will be the third time that we will have come up and hit it. And I would be postured bearish for a move back to 745. And if we couldn't hold 745, well then I'm going to be looking for a move back to 735. If we break 735, we're going to have a much bigger and longer downturn pushing us all the way back to around 690. That just isn't on the table right now. And the reason why we're not seeing more decline is simply because of earning results. Let me give you the stats. 61% of all companies have reported so far through July 31st, 86% have beat earnings estimates versus the 5-year average of 78%. The economy is smoking hot. 77% beat revenue estimates. Revenues growing 14.1% year-over-year. 10 of the 11 sectors showing earnings growth, only healthcare lagging. So, the economy is doing pretty well. This is the reason why the market's worried that the Fed won't cut rates and he's going to actually have to raise rates to slow the economy down because inflation is out of control. And this is what earnings has given us so far and the market has eaten it up. So the cues growth stories are lagging right now, but there could be some healthy rotation as we see the spy rising. It means that people still want to put money to work. Now I want to share a report with you. I'm not trying to be overly bearish or overly bullish. I'm trying to give you a fair analysis of the markets right now. But Bank of America has put out a pretty strong warning or more specifically some are interpreting as an extremely strong sell signal. This Bank of America indicator shows how optimistic and heavily invested traders are. A reading near 10 means the market may be overcrowded with fewer buyers left to keep pushing stocks higher. That increases the risk of a pullback if bad news hits, but it does not mean an immediate crash is guaranteed. To keep it very simple, the market is overheated, overextended. All the buyers are piled in and all that's left for the market to do is to potentially sell. But nobody's pulled that trigger yet. And sometimes it takes an unexpected event to push the market over the edge. So that's my analysis. The spy is healthy at the moment. Q's are in a neutral posture right now and could go either way. I'll keep you updated. The VIX says the market is not afraid to go long right now. But of course, all of that can turn on a dime. Now, what two stocks do I like right now that are doing very well? One of them I told you at the beginning of the year was my favorite MAG7 stock to invest in in all of 2026. And I said, if you invested in this company, you would be very happy at the end of the year. And that's Amazon. Now, Amazon's having a very big move, and I'm going to give you a sense of where that move might come to an end. It's got brand new all-time highs. I'm not telling you to sell any Amazon. I'm just telling you where the sellers are camped out. Let's go look at that chart real quick. Okay, it's an amazing task that we got to $288 on Amazon. At the start of the year, we were right here at 231. So we've had a beautiful gain since then. Now having said that I've run some fib theory on that and what's important for you guys to understand 288 is a significant resistance but it's not a completed measured move. Now the measured move would be to 305. Now what I want you to understand is that that is where the largest concentration of sellers will be camped out. Now, we don't know how quickly or how directly it'll get to 305, but I don't believe that this up move on Amazon will come to an end until it gets there, which means we could continue to run and just move straight there, or we could consolidate between this 288 fib level and this historic sending line of resistance. So, basically, we could flag right there. But I believe that ultimately we're trying to get here to 305. That's where the big sellers will be camped out. So, I'm long Amazon. I've been long Amazon this entire year buying steadily and I've been heavily rewarded for it right now. I'm not going to sell any if we get to 305, but I will begin to hedge that position more aggressively to the downside. I will likely start selling calls above 305. I might even begin to sell some right now. That's what I'm doing with my Amazon. Now, let's go talk about Microsoft. Someone asked me recently which stock did I like better going into the end of 2026, Microsoft or Amazon? and I said, "Well, that's beginning to get a little bit tough because I'm starting to build a larger position in Microsoft." Now, having said that, 528 is the completion of the measured move. This is where all the sellers are camped out. Now, that actually doesn't get us to a brand new all-time high. Now, 571 is the next fib level above, but it is an extended move. The move should be completed if we hit 528. Now, I am not calling this up to these levels. We are at a significant resistance right now. I'm just telling you that the likelihood that the move is over at this resistance is lower. I think we flag somewhere in this general area and we build ultimately up to 528. That is my current target. The goal then is not to sell my Microsoft shares. The goal then is to hedge my Microsoft shares. We'll find some more hot stocks this week. Hit that like and subscribe. I'll see you in the next video. Peace and blessings, my friends.