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Stock Markets Continue to Show Signs of Weakness

Alice Wang

Jul 12, 2022 15:16

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During the trading session on Monday, the S&P 500 promptly declined and shown symptoms of weakness once again. After all, indexes traded lower globally.

Technical Analysis of the S&P 500

Prior to the S&P 500 opening up for trade on Monday, there was a lot of selling pressure felt across the globe, which caused the S&P 500 to decline dramatically. That so, the 3950 level continues to provide considerable resistance, so we should monitor it carefully. Additionally, the 50 Day EMA is beginning to approach that region as well, so I believe everything fits together really well for resistance. The 4000 level also has a lot of psychological components to it.


Despite all of this, I have no interest in attempting to purchase stocks any time soon because, very simply, there are so many factors pushing against their value that I just don't want to take the chance of making money to the upside just now. In fact, I wouldn't be sure that the market's general attitude was shifting until we broke through the 4200 level. Then, things can start to become interesting.

 

Until then, I believe rallies will continue to be sold into, thus you must see it from the lens of providing a chance to short the market whenever it rebounds. The 3700 level, which I believe would be a decent target on the downside, might be of interest. Much if volatility has decreased a little, it's important to remember that the rallies have occurred in low volume circumstances, which is not exactly a bullish indication. Breaking down below that level might start off even more downside.

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