SPX Weekly Price Action Summary (July 28 - August 1)
The weekly central level anticipated last Friday for the $S&P 500(.SPX)$ was $6,355.4.
Monday, July 28: The week began with SPX trading between the also anticipated first resistance ($6,429.1) and the weekly central level. Price showed indecision, staying in a narrow range.
Tuesday, July 29: The SPX price continued to consolidate between $6,429.1 and the weekly central level. There was a brief move down that neared the weekly central level $6,355.4 but did not breach it.
Wednesday, July 30: The price printed a 4H doji in the morning continuing with the indecision during market hours, followed by a first bearish attempt breaching $6,355.4 but the price bounced closing above the central level.
Thursday, July 31: The positive earnings results for $Meta Platforms, Inc.(META)$ and $Microsoft(MSFT)$ made the futures rally, but the anticipated resistance $6,429.02 rejected the price and the selloff started, breaking below the central level in the afternoon. This breach suggested a shift to a bearish momentum.
Friday, August 1: The price action confirmed the bearish momentum by dropping significantly from the previous day's move. It broke through the first bearish target ($6,315.0) and the second support ($6,241.3). The low of the day was at $6,212.69 which is near the third support level ($6,200.9).
The summarized price action combined with the support and resistance levels posted on July 25th for the week that just ended are the best proof of how these lines frame the price action ahead of time, so traders and investors have in anticipation essential levels where the price can reverse, and other levels that once breached they act as momentum checkpoints.
For whom haven't open CBA can know more from below:
🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!
Find out more here：
Trade on a Cash Boost Account and enjoy up to 6 months of Commission-Free trading.
💰Join the TB Contra Telegram Group to Get $10 Trading Vouchers Now🎉
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.
