The $S&P 500(.SPX)$ has recently experienced a significant two-week rally, marking one of the best weeks of the year.
This surge is attributed to optimism about a potential 'soft landing' for the economy, leading to cautious bullishness among investors. However, expectations for the market's future are mixed.
Some traders anticipate a continuation of the bullish trend with key resistance levels identified around $555 to $557 for $SPDR S&P 500 ETF Trust(SPY)$ , suggesting that surpassing these levels could further fuel the upward momentum.
Conversely, others are more bearish, pointing to technical indicators like ABC correction patterns and Fibonacci retracements, which suggest a possible market correction.
Discussions also focus on the importance of upcoming economic data, particularly unemployment numbers, which could significantly influence market direction.
I love the data and trend analysis below :
The most anticipated earnings releases for the week of August 19, 2024 are Palo Alto Networks #PANW, Snowflake #SNOW, ZIM Integrated Shipping #ZIM, Target #TGT, Estée Lauder #EL, CAVA #CAVA, Baidu #BIDU, OSI Systems #OSIS, Zoom #ZM, and Macy's #M.
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