From Nasdaq: 2024-07-29 08:53:10

Last week, the S&P 500 Index faced resistance near the 5,490-5,510 levels, with a potential next resistance at 5,555. Earnings from mega-caps like Tesla, Alphabet, and Visa caused a gap lower. The 50-day moving average provided support, challenged by the 30-day moving average. If SPX stays above 50-day MA and VIX below 18.68 amidst earnings season, it may signal continuing support from shorts and buybacks. Bulls will seek to regain control above moving averages. Inflation data and FOMC meeting set to influence market direction. Shorts on SPX component stocks build up, causing potential for short covering support. Short-term technical breakdown may be reversed if SPX stays above 50-day MA. V.P. of Research at Schaeffer’s Investment Research, Todd Salamone, analyses market trends and developments.



Read more at Nasdaq: S&P 500 Trendlines to Watch Ahead of Big-Time Earnings