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July 24th - PMI data showed that U.S. business activity expanded at its fastest pace in eight months, with strong domestic service sector demand offsetting the impact of slowing factory production, increased supply chain delays, and rising costs. The preliminary reading of the S&P Global Services PMI for July rose to 53.6, the highest level since November 2025, driven by demand in the hospitality and other service sectors boosted by the World Cup and July 4th Independence Day celebrations. The preliminary reading of the S&P Global Manufacturing PMI for July fell to 53.8, the lowest level since March. Chris Williamson, chief business economist at S&P Global Market Intelligence, said, "Supply chain delays continued to worsen in July, accompanied by renewed price pressures, constraining economic growth and suppressing demand. Recent events in the Middle East will only further exacerbate concerns about supply chains and prices, increasing downside risks to the near-term economic outlook, suggesting that the recovery in July may not be the beginning of an improving trend."Maxlinear (MXL.O) fell more than 9% due to poor second-quarter results and outlook.Livewire Group (LVWR.N) rose 60%, with Q2 sales far exceeding the same period last year.Schlumberger (SLB.N) rose 6.6% after reporting a 26% year-on-year decline in Q2 earnings, which was still better than expected. North American revenue surged 36%, mitigating the impact of geopolitical tensions in the Middle East.American Express (AXP.N) fell more than 5% after reporting mixed Q2 results, with revenue falling short of expectations and the company raising its full-year guidance.

S&P 500 Continues to Look Uneasy

Skylar Shaw

Jun 16, 2022 15:05

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Technical Analysis of the S&P 500

As we continue to witness a lot of volatility, the S&P 500 has climbed a little bit throughout the trading session on Wednesday. The market is likely to remain volatile for the foreseeable being, but I believe it will only be a matter of time until the sellers return to the market and begin shorting.


The 3700 level has held, but right now, investors are expecting the Federal Reserve to become more active in combating inflation, which would be beneficial in the near run. That said, it'll only be a matter of time until we're short again, therefore I'm searching for a source of weariness in which we may participate.


Because the economy is slowing, I don't have a scenario in which I'd be prepared to purchase the S&P 500 at this time. We aren't seeing a pace of change that favors growth, and the stock market will suffer in the long run until that happens. Yes, there may be large bad market rallies from time to time, but I believe this will eventually be a good chance to short it again.


It's possible that we'll break out to the outside if we can break above the 50-Day EMA. The 4200 level is a significant barrier, and a break over it might signal a significant trend shift. We're a long way from there right now, and I believe the worst is still ahead of us. A strong short-term rise makes sense, but I believe the underlying trend will continue given enough time.

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