July 21, 2017

Pivotal Week Ahead

This week could be a catalyst for the intermediate-term future of the market. With several major economic events (fed announcement, Jan. employment numbers) occurring this week plus a plethora of earnings reports we should expect to see volatility continue.

If the market decides to continue the rally from today then we will want to watch the 1375 level (on the S&P) as the first area of strong overhead resistance. A move to the downside and I will be watching the recent lows.

Unless something triggers a sharp move and an extreme I will most likely be sitting in cash until after the Fed announcement Wednesday.

Overbought/Oversold for January 28, 2008 

S&P (SPY) – 50.9 (neutral)

Russell 2000 (IWM) – 59.5  (neutral)

Dow (DIA) – 52.0 (neutral)

Nasdaq 100 (QQQQ) – 34.6 (neutral) 

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