2026-07-31 · Records on Megacaps, Not Breadth
July closed at record highs on a handful of megacap earnings while the widest bearish divergence skew of the week built underneath, and the rail operator flagged Monday closed the week five-for-five bearish through the highs.
The Signal
Stocks closed out July at record highs, but on megacap earnings, not broad participation: Amazon surged on its fastest cloud growth in eighteen quarters, Apple beat, and Microsoft logged its biggest one-day jump since 2008. Meta was the outlier, falling hard on a cash-flow plunge. The Fed held rates Wednesday in a hawkish, three-dissent decision, with the next…
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