Market Forecast (Updated 07/21/2024)
**SPX**-Rotation into small caps and industrial stocks continue, which led to more sell off in SPX
We have a lot of earnings coming up this week so that can shift the direction of the market as well.
Next resistance $5655and $5688
Next support $5521 and 5428
Weekly Sentiment = Bearish
**Chart Analysis:**
[SP:SPX Chart Image by WallSt007](tradingview.com/x/ZUwg8pJv/)
**Dollar Index:**
DXY- Looks like the dollar index found support as the euro weakens. Which means we could see further drop in SPX.
Next resistance $105.90
Support $104
Sentiment = Crossover to upside
**Put to call Ratio: 1.31 —> 1.15
Next FOMC date: July 31, 2024**
**Fear & Greed Index: 56—>49**
**SPX**-Rotation into small caps and industrial stocks continue, which led to more sell off in SPX
We have a lot of earnings coming up this week so that can shift the direction of the market as well.
Next resistance $5655and $5688
Next support $5521 and 5428
Weekly Sentiment = Bearish
**Chart Analysis:**
[SP:SPX Chart Image by WallSt007](tradingview.com/x/ZUwg8pJv/)
**Dollar Index:**
DXY- Looks like the dollar index found support as the euro weakens. Which means we could see further drop in SPX.
Next resistance $105.90
Support $104
Sentiment = Crossover to upside
**Put to call Ratio: 1.31 —> 1.15
Next FOMC date: July 31, 2024**
**Fear & Greed Index: 56—>49**
Nota
Market played out as expect. SPX dropped to $5,399
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If you appreciate my technical analysis and want to check out our
Free Newsletter --> diywallst.substack.com/about
Free Newsletter --> diywallst.substack.com/about
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.