{"id":23122,"date":"2026-07-27T13:20:36","date_gmt":"2026-07-27T20:20:36","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=23122"},"modified":"2026-07-27T13:20:36","modified_gmt":"2026-07-27T20:20:36","slug":"energy-wti","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/energy-wti\/","title":{"rendered":"Energy: The Capex Question: When Strong Quarters Aren\u2019t Enough PLUS: September Natural Gas, CannonEdge Snapshot, Pre-Market Briefing, Levels, Reports; Your 6 Important Can’t-Miss Need-To-Knows before Trading Futures on July 28th, 2026"},"content":{"rendered":"\n\n\n
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At A Glance Levels<\/h3>\n\n\n\n\n\n\n\n\n
Instrument<\/th>\nS2<\/th>\nS1<\/th>\nPivot<\/th>\nR1<\/th>\nR2<\/th>\n<\/th>\n<\/th>\n<\/tr>\n<\/thead>\n
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Gold (GC)<\/strong><\/h2>\n

\u2014 Aug (#GC)<\/td>\n

4038.10<\/td>\n4061.30<\/td>\n4090.30<\/td>\n4113.50<\/td>\n4142.50<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Silver (SI)<\/strong><\/h2>\n

\u2014 Sept. (#SI)<\/td>\n

57.24<\/td>\n58.01<\/td>\n59.20<\/td>\n59.97<\/td>\n61.17<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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Crude Oil (CL)<\/strong><\/h2>\n

\u2014 Aug (#CL)<\/td>\n

79.04<\/td>\n80.52<\/td>\n83.36<\/td>\n84.84<\/td>\n87.68<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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\u00a0Sept. Bonds (ZB)<\/strong><\/h2>\n

\u2014 Sept. (#ZB)<\/td>\n

109 22\/32<\/td>\n109 30\/32<\/td>\n110 6\/32<\/td>\n110 14\/32<\/td>\n110 22\/32<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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The Capex Question: When Strong Quarters Aren\u2019t Enough<\/h2>\n

Energy Futures<\/h3>\n

By Eli Levy, Senior Analyst & Series 3 Broker<\/em><\/h3>\n

\"energy\"<\/p>\n

Energy – WTI Crude\/US-Iran Negotiations<\/em><\/h3>\n

This week the market didn\u2019t fall so much as it changed leaders. Energy did the roaring \u2014 WTI crude jumped 14% last week and is on track for another 8% this week. Friday pullback appears tied to reports that Pakistan is exploring a path toward resuming the stalled U.S.\u2013Iran negotiations. Meanwhile, the air came out of the part of the market everyone was most comfortable owning: big-cap tech. Underneath a fairly calm index, the leadership is quietly rotating out of one corner and into another, and that churn is the real story of the week.<\/p>\n

Tech – Google\u00a0<\/em><\/h3>\n

The crack in tech has a name and a number. The relative weakness was driven mostly by a post-earnings sell-off in Alphabet (GOOGL) on Wednesday after the bell. The quarter itself was strong \u2014 cloud revenue up 82% year-over-year against whisper numbers around +70\u201375% \u2014 but the spending told a different story.<\/p>\n

Alphabet raised 2026 capex guidance from $180\u2013190B to $195\u2013205B and said 2027 would climb \u201csignificantly\u201d from there, and the company posted negative free cash flow (-$5.9B) for the first time since it went public in August 2004.<\/p>\n

Demand for compute is clearly still enormous; what soured sentiment was the bill for chasing. Investors are increasingly asking what the return on all this hyperscaler spending actually is \u2014 and for now they\u2019re voting with their feet.<\/p>\n

Stock Indices – S&P 500<\/em><\/h3>\n

That\u2019s one side of the story. The other side is genuinely strong, and it starts with earnings. Through 133 S&P 500 reports, 70% have beaten on the top line and 87% on the bottom line, with EPS growth tracking at 69.81% and revenue growth at 12.61% \u2014 and the commentary from the financial giants about the consumer has been encouraging.<\/p>\n

This is the ground the bulls stand on. Ed Yardeni of Yardeni Research is holding his Street-high 8,250 S&P target, calling the advance earnings-driven rather than an AI bubble, even as he allows for a possible \u201csummer stall\u201d along the way. Andrew Fry of Crescent Grove reads the tape as constructive over the medium term precisely because of the rotation \u2014 equal-weight outperforming cap-weight as money leaves crowded megacap tech for financials, health care, and even developed Europe and Japan (via the EFA), segments he frames as quieter beneficiaries of AI diffusing through the economy rather than the ones footing the capex bill.<\/p>\n

In their telling, leadership changing hands is what a healthy, broadening market looks like.<\/p>\n

CRASH – Semiconductors<\/em><\/h3>\n

The cautious camp is looking at the same tape and seeing a de-risking that isn\u2019t finished. Jeff DeGraff of Renaissance Macro Research calls this a momentum-crash environment \u2014 the momentum factor has gone from roughly the 100th percentile over the last thirty-odd years down to the mid-30s in just two weeks, and history says these unwinds usually run their course completely before they\u2019re done.<\/p>\n

Final Thoughts<\/em><\/h3>\n

His read: the semiconductors and hardware names got deeply oversold (84% of semi and equipment names hit 20-day lows earlier in the week), so a bounce is likely \u2014 but a bounce that may fail to make a new high and only retraces about half the drawdown. He\u2019d rather sell the good charts into strength and buy the ones just emerging \u2014 Apple (AAPL), banks, insurers, REITs, health care \u2014 pointing to Nvidia (NVDA) as the cautionary case of a former momentum darling that\u2019s spent two years digesting its own good news.<\/p>\n

Jonathan Krinsky of BTIG stays outright bearish on chips, arguing the group could keep sliding to test its 200-day moving averages and that it\u2019s still \u201cpremature to look for a bottom.\u201d Katie Stockton of Fairlead Strategies flags the Nasdaq\u2019s break below recent support as a reason to brace for near-term volatility.<\/p>\n

READ THE REST and SEE CHARTS<\/a><\/em><\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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September Natural Gas<\/h3>\n

September Natural Gas is threatening to break down its recent range of support. At this point, new sustained lows would project a possible slide to the second downside PriceCount objective to the 2.56 area.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an \u2018exact\u2019 science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. <\/em><\/p>\n

It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. <\/em><\/p>\n

Learn more at\u00a0www.qtchartoftheday.com<\/a><\/em><\/h3>\n

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Edge \u2014 Your Daily Futures Snapshot for July 28th<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Edge is our new daily feature designed to give traders a fast, actionable overview of key futures markets. Each post delivers:<\/h4>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Current price and daily % change<\/h4>\n

\u00b7\u00a0\u00a0\u00a0\u00a030\u2011day and 52\u2011week highs\/lows<\/h4>\n

\u00b7\u00a0\u00a0\u00a0\u00a0PROPRIETARY Short\u2011term and long\u2011term trend signals<\/h4>\n

\u00b7\u00a0\u00a0\u00a0\u00a0Coverage across equity indices, metals, energies, currencies, and ags<\/h4>\n

Whether you’re scanning for breakout setups, trend reversals, or just staying informed \u2014 Cannon Edge puts the data in your hands before the open.<\/h4>\n

\u00a0Built for speed. Backed by insight. Powered by CQG.<\/em><\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Daily Levels for July 28th, 2026<\/h3>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Economic Reports<\/h3>\n

provided by:\u00a0<\/a>ForexFactory.com<\/a><\/p>\n

All times are Central Time ( Chicago)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.\u00a0You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.<\/em><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Cannon Trading Co., Inc.<\/span><\/strong><\/em><\/p>\n

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At A Glance Levels Instrument S2 S1 Pivot R1 R2 Gold (GC) \u2014 Aug (#GC) 4038.10 4061.30 4090.30 4113.50 4142.50 Silver (SI) \u2014 Sept. (#SI) 57.24 58.01 59.20 59.97 61.17 Crude Oil (CL) \u2014 Aug (#CL) 79.04 80.52 83.36 84.84 87.68 \u00a0Sept. Bonds (ZB) \u2014 Sept. (#ZB) 109 22\/32 109 30\/32 110 6\/32 110 14\/32 […]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[237,61],"tags":[1848,953,2030],"class_list":["post-23122","post","type-post","status-publish","format-standard","hentry","category-energy-futures","category-futures-trading-2","tag-crude","tag-energy-futures","tag-us-iran"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23122","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=23122"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23122\/revisions"}],"predecessor-version":[{"id":23123,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/23122\/revisions\/23123"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=23122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=23122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=23122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}