Market Report for Jul 22 2022
Price continues the upward trajectory after having broken resistance recently. This is an important step as the resistance was clustered with the 50 moving average. Price does need to clear the upcoming resistance levels to provide more confidence and Nasdaq is closer to those points than the S&P 500. In part, this will be due to the rate at which Nasdaq is moving over S&P 500.
Thursday was a bullish day with stocks within mega-caps helping this market move up once again.
Since the June 2022 lows, the S&P has just 47% of bull bars. The Nasdaq has had 61% bull bars. As mentioned before, it is the Nasdaq that is driving this market up. Again, the next big test for the tech-heavy index will come around the 12320 zone.
Let’s go trade!