7/22/22 Quick Summary Quick update on today’s action. Today the market started off to the upside despite the big miss last night from Snap, but following the release of the disappointing (if you like economic growth) US flash PMIs (see that report), markets turned around (that was the peak you see in the one-day chart below). From there they recovered a bit, holding steady until around 11 when the bottom gave way, and from there it was a steady grind down before recovering a bit into the close. That said, it seemed more like buyer’s moving to the sidelines than a lot of sellers coming in, as volumes remained relatively subdued (around the average levels this week). Notably today’s high on the SPX was within 5 points of filling the gap noted yesterday, so not sure if that also created some selling pressure (traders sometimes look for a reversal after a gap has been filled). Positively, the SPX remained above yesterday’s lows but the other indices breached them. All remain above their 50-DMA’s. I’ll put the charts up on Sunday. All of our major indices finished up on the week.
7/22/22 Quick Summary
7/22/22 Quick Summary
7/22/22 Quick Summary
7/22/22 Quick Summary Quick update on today’s action. Today the market started off to the upside despite the big miss last night from Snap, but following the release of the disappointing (if you like economic growth) US flash PMIs (see that report), markets turned around (that was the peak you see in the one-day chart below). From there they recovered a bit, holding steady until around 11 when the bottom gave way, and from there it was a steady grind down before recovering a bit into the close. That said, it seemed more like buyer’s moving to the sidelines than a lot of sellers coming in, as volumes remained relatively subdued (around the average levels this week). Notably today’s high on the SPX was within 5 points of filling the gap noted yesterday, so not sure if that also created some selling pressure (traders sometimes look for a reversal after a gap has been filled). Positively, the SPX remained above yesterday’s lows but the other indices breached them. All remain above their 50-DMA’s. I’ll put the charts up on Sunday. All of our major indices finished up on the week.