SPX fell further with a loss of -1.58% last week, driven primarily by worsening Russia-Ukraine developments. Risk sentiment was further pressured by disappointing growth-stock earnings reactions and lingering concerns about a Fed policy mistake. 10 of the 11 S&P 500 sectors ended the week in negative territory.With a considerable loss of -1.58% over the week, improved posture in weekly market breath is actually observed as below;
% of Stocks Above 200 DMA = 34.29% (+0.03%)
% of Stocks Above 50 DMA = 35.54% (-0.14%)
SPX remains resisted by a Downtrend Line, along with its 200-day moving average.The immediate support to watch for
SPX this week remains at 4,320 level. A breach of 4,320 level would be concerning in mid-term as it would confirm the establishment of a downtrend channel (lower highs, lower lows) on $SPX.
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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.