Four-week Winning Streak Snapped
The S&P 500 $S&P 500(.SPX)$failed to maintain its winning streak of 4 consecutive weeksof gains, declining 1.21% this week after a strong four weeks. On the weekly chart, it reached the 50 period moving average and rejected off it.
200 daily MA Rejection
On the daily chart, the 200 period moving average was strong resistance as sellers stepped in to take profits. Key levels to watch for next week will be the 4180 level, which acted as resistance during late May into early June. That zone is around the 100 day moving average, and what was resistance last time might become support. If this fails, it will be interesting to see where the next support level comes in, likely either 3880 level or 50 day moving average.
A strong dollar index is bad for S&P
The dollar index has been gaining traction in the last week, and has reached the 108 level. Support for the DXY has been at the 50 day moving average, and is getting close to the high of 109.29 on July 14. The DXY is inversely related to the S&P 500.
Jackson Hole Symposium
The Federal Reserve's Jackson Hole Symposium starts on Thursday August 25, and traders will be looking for clues on the expected paceand size of rate hikes. Friday August 26, at 10 am, Fed chairman Jerome Powell will give a speech at the Jackson Hole forum and that willbe key for the markets.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
- LMSunshine·2022-08-22Great post! Thanks🤗2Report
- yyhwin·2022-08-20测度good1Report
- MoonJin·2022-08-20Time to buy on dips again.1Report
- Chiweii·2022-08-24Thanks for the articleLikeReport
- Moolele·2022-08-20About time for pullbackLikeReport
- Jenjorjack·2022-08-20Time to take a breather before jacksonLikeReport
- 可爱的独行虎·2022-08-20Thanks for sharingLikeReport
- Baby Step 4·2022-08-24🙏1Report
- mrzhuge·2022-08-24wow1Report
- uyc·2022-08-24ok1Report
- iceflower·2022-08-24kLikeReport
- StickyRice·2022-08-24NiceLikeReport
- Doris11·2022-08-20likeLikeReport
- MatyuOng·2022-08-20oLikeReport
- superGu·2022-08-20OhhhLikeReport
- Bananaa·2022-08-20HiLikeReport
- Irene104·2022-08-20OkLikeReport
- Sagu·2022-08-20Task :)LikeReport
- Trax·2022-08-20OkLikeReport
- AlphaKK·2022-08-20okLikeReport