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Weekly Recap & Market Forecast $SPX (July 21st —>July 26th)

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**

Nota

Market played out as expect. SPX dropped to $5,399

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