S&P Pending further liquidation ? ( 8/12/2024 - 8/16/2024)
The S&P is currently failing to break out of a statistically significant level as the market awaits further U.S. economic data for the week: 8/12 - 8/16. As long as the price action remains between 5,350 to 5,450 and continues to fail its break-out to reverse the primary trend in this short-term 'break' in broader selling, then we have to suspect that any bad economic releases or geopolitical events can be the catalyst for the next round in selling.
Disclaimer -
The author's information and publications are NOT meant to be, and DO NOT constitute financial, investment, trading or other types of advice or recommendation.
Disclaimer -
The author's information and publications are NOT meant to be, and DO NOT constitute financial, investment, trading or other types of advice or recommendation.
Note
As of 8/13/2024 10:19 CST prior to the 8/14/2024 CPI print the S&P futures sit along a key resistance level of 5,480.00 , slightly violating statistical sell levels for a final 'leg down'. The CPI and retail sales could be the catalysts for an additional 'leg down' to the year's support around 5,000.00 However we also need to be aware that a natural 'break' in momentum could also take place in this zone before initiating a retest toward the year high given the day's 'pop' off PPI into resistance -
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.