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.

S&P 500 weekly chart with 50 & 100 MA

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. 

S&P 500 daily chart


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.

DXY vs 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.

# US Stocks Opportunities

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.

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  • LMSunshine
    ·2022-08-22
    Great post! Thanks🤗
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  • yyhwin
    ·2022-08-20
    测度good
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  • MoonJin
    ·2022-08-20
    Time to buy on dips again.
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  • Chiweii
    ·2022-08-24
    Thanks for the article
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  • Moolele
    ·2022-08-20
    About time for pullback
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  • Jenjorjack
    ·2022-08-20
    Time to take a breather before jackson
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  • 可爱的独行虎
    ·2022-08-20
    Thanks for sharing
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  • Baby Step 4
    ·2022-08-24
    🙏
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  • mrzhuge
    ·2022-08-24
    wow
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  • uyc
    ·2022-08-24
    ok
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  • iceflower
    ·2022-08-24
    k
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  • StickyRice
    ·2022-08-24
    Nice
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  • Doris11
    ·2022-08-20
    like
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  • MatyuOng
    ·2022-08-20
    o
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  • superGu
    ·2022-08-20
    Ohhh
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  • Bananaa
    ·2022-08-20
    Hi
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  • Irene104
    ·2022-08-20
    Ok
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  • Sagu
    ·2022-08-20
    Task :)
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  • Trax
    ·2022-08-20
    Ok
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  • AlphaKK
    ·2022-08-20
    ok
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