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Stock Markets Continue to Pressure the Upside

Cory Russell

Aug 02, 2022 15:08

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Technical Analysis of the S&P 500

Due to the market noise that has continued throughout the trading day on Monday, the S&P 500 has slightly declined. In the end, I think this market will need to make a more significant choice given enough time. As it stands, we are getting close to the pivotal 200 day EMA, which normally indicates that we may encounter some longer-term resistance. Given this situation, I believe we have a chance to present, but for the time being we may want to take a little step back.


Right now, the 4200 level represents the true reward, and if we can break through it, the markets are quite likely to undergo a significant shift. Despite the fact that one of the governors said over the weekend that the market had gotten a little ahead of itself, they now feel that the Federal Reserve is preparing to ease its monetary policy. Markets may not always take the Federal Reserve's statements seriously since, unfortunately, they have completely lost all credibility over the last 13 years.

 

As a result, it is quite probable that the markets will attempt to rise in the future; nevertheless, you must pay special attention to the 10-year yield. It is presently declining very quickly, which has increased pressure on risk taking generally. Given this, it does make some sense that we would break out, but you need to have the bond market on your side rather than against it.

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