SPX is trading back toward the top of its range, and holiday-week sentiment could give bulls a short-term edge. Instead of chasing price, I break down a risk-defined broken wing butterfly setup that targets the 7550–7600 zone, with a built-in “forgiveness factor” if SPX pushes higher than expected.
With earnings coming up on August 4th, a prior 15.3% gap, and a daily squeeze now in play, this could be one of the stronger semiconductor setups heading into earnings. The only problem? AMD has not offered an easy entry yet.
Next week can still skew bullish, but this is not a “blindly buy everything” market. Stay selective, respect volatility, and understand whether each setup is better suited for day trading, swing trading, or a longer-term hold.
AMD has the setup… but not the trigger yet. The Nasdaq is squeezing and Big Tech is weak. This is exactly where patience matters most.
