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**
Note
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
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.