Market Report for Jul 26 2022
An almost equal number of bullish and bearish bars on the S&P 500 and Nasdaq Composite, although the latter index was the only one to close the session lower. The thin volume and lack of momentum will be due to the market awaiting the earnings results and the FOMC decision and statement on Wednesday.
The markets are above their support levels and dealing above their average from Monday’s session, so for now all is still acceptable.
It will probably be safer to stand aside now and wait for the Fed statement to pass before entering more into this market.
Let’s go trade!