We have been in a tricky period for the market, with a big rotation from large cap tech into the small caps.

Even with a mixed PCE report today, IWM is showing nicerelative strength vs. SPY and QQQ.

On the positive side, maybe this gives us some better pre- and post-earnings setups.

This next coming week is a big one, between the NFP report, the FOMC rate decision, earnings from the likes of AAPL/AMZN/META/MSFT, plus some big overseas economic reports.

As far as market direction goes, I'd keep a close eye on Nvidia (NVDA). $116.50 is a real battleground area. If it can get and stay above, the overall market can strengthen. If it can't do that, we'll have to tread lighter, especially in tech.

Now let's get to our Power Plays:

Boeing (BA) joined us on Tuesday as a potential play on a rotation into value away from tech. It's not doing much so far, but the longer it holds up here, the better the chance of a real rally.

Citigroup (C): I added this to Power Plays last week as a catch-up play in the financial space. It's been going sideways since then, but is still intact.

Rivian (RIVN) has cooled off a bit since the early July surge, and Tesla's (TSLA) weak earnings report this week did nobody any favors. It doesn't report until August 6.

Amazon (AMZN) has been frustrating as it's been held down by Jeff Bezos' selling. It also got caught up in the large cap tech weakness. So I'm glad we trimmed it over $197. I'll look to take this off into earnings last week.

Apple (AAPL) hit a new record high over $237 on July 15, but it's since come in about $20. Like with Amazon, I'll look to exit into earnings next week.

Have a great weekend. You earned it!

-Scott