Downloads are available here. (New zip file this week.)

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Sizing Up the S&P 500

  • S&P 500 potentially overbought but few apparent reversal signals
  • Bullish outside candle last week
  • 10-day MA rising for 27 days, longest streak since February
  • Potential resistance above 4500
  • Potential support at 4400
  • Index members above 20-day MA still exceed number above 50-day MA
  • S&P 500 in midst of low-volatility drift, which potentially favors stock picking over index trades

Key News

  • CME Fed expectations little changed since 6/14 meeting
  • Tom Lee raises S&P 500 forecast to 4825. Sees inflation fading, AI boosting tech.
  • Katie Stockon targets 4510 on the S&P 500
  • Inflation cooling?
    • S&P Global: PMI Price index drop at fastest pace in 3 years
    • ISM manufacturing misses estimates, prices drop
    • CNBC: GM Q2 sales growth suggests supply-chain normalcy
  • June consumer sentiment revised higher amid “striking upswing”
S&P 500, daily chart, with select signals and patterns.

Chart Notes

Mover of the Week: Trade Desk

  • Ad-management software for new digital ecosystem
  • Earnings, revenue beat last three quarters
  • Sitting at 50% recovery from drop November 2021 to July 2022
  • Potential bullish triangle at August 2022 high
  • TTD + 72% YTD

Upcoming Events

  • Friday (7/7): Non-farm payrolls
  • Wednesday (7/12): CPI
  • Thursday (7/13): PPI
    • Earnings: DAL, PEP
  • Friday (7/14): Consumer sentiment
    • Earnings: JPM, C, UNH, WFC, UNH

Using the Platform

Hourly active chart uses several indicators and ShowMes

  • Directional signals:
    • MACD cross days: Positive readings show MACD rising
      • Note: MACD has special settings to emulate daily signals
    • MovAvg Order: 50-hour MA vs 100-hour MA
    • New 52-week highs (white crosses on chart)
  • Overbought/oversold signals:
    • RSI
    • Keltner pullback
      • Note: Updated from previous zip files

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