The SPX registered an inside bar for the month July (Chart 1). Overhead areas of interest are around the Jan low (4222) and 200-day SMA(4346). Near term tracking of wave C-up or wave 3-up (Chart 2).
Saturday, July 30, 2022
Sunday, July 24, 2022
MTU Weekend Ed. - MA50 (7/22/22 close)
SPX has managed to stay above its May low and closed above its SMA50. Overhead resistance around June High and Jan Low.
Sunday, July 17, 2022
MTU Weekend Ed - May Low (7/15/22)
SPX closed above May low for the 3rd time, into a zone between the Jan low and the May low. How much time it spends in this zone will be telling.
Saturday, July 9, 2022
MTU Weekend Ed. - Profile (7/8/22 close)
The profile in SP500 has not changed over the past few weeks: a three wave (likely a double zig-zag) decline from its ATH, with the possibility (but not requirement) of a yet-to-complete EDT still on the table.
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