Whilst the main market saw yet another day of micro chop, there was notable weakness in Disney (DIS), which settled net lower for the third day of the past four, -1.2% at $106.35. The 50/200dma will offer big support in the upper $105s.
Suffice to add, short term, from a pure technical/cyclical perspective, the setup favours the bears across the next few days, as we saw a bearish MACD cross on the daily cycle today. Price momentum on the bigger monthly cycle is fractionally negative, having cooled since April ($115.24).
However, unless you think the main market is close to a mid/long term top, there is little reason to see DIS under the most recent key low of $102.41, or the core psy' level of $100 any time soon.
*earnings are due Tuesday Aug'8th in AH.