• SP 500 Market Analysis 7-10-15

Technical Outlook:

  • Yesterday’s gap up was gradually faded throughout the entire day to close at its lows of the day. 
  • Today we are seeing similar price action heading into the open with SPX sporting an even bigger gap up on positive vibes from the Greek proposal being considered by the EU. 
  • By the close the bears managed to send price action back below the 200-day moving average. 
  • The last three gap ups has seen the bears fade the morning strength and push the market below its opening  price. 
  • Volume fell off some yesterday but remained above average still. 
  • VIX managed to close 1.5% up yesterday, just a shade below 20 at 19.97. 
  • Choppy price action on the SPX 30 minute chart, could be a base forming for the market to bounce from. 
  • Bears need to get price below Wednesday’s lows of the day, to reignite the selling. 
  • The biggest task for the bulls today, is whether it can hold onto its gains in the pre-market and even add to them. 
  • Greece remains a significant headline risk to the upside and downside. Be ready to respond accordingly. 
  • 2039 is another major support level to watch here. 
  • The market doesn’t care about the economy nor earnings. That is not what is driving it. The market cares about what the Fed is doing to keep equities propped up. 


My Trades:

Chart for SPX:

SP 500 Market Analysis 7-10-15

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