Stock Market Overview: July 8th
As discussed in the last stock market overview, the S&P has bounced off support and is heading back toward resistance.
Key Investing Basics
- RSI has formed a double bottom and bounced above the 50 level - bullish
- MACD crossover indicates bullish sentiment
- Price approaching key resistance at 1540
Look for a breakout above the 1540 level, and a major move up. These bullish technicals indicate a strong chance for a breakout. Keep an eye on next week’s economic events, which could also be the tipping point through resistance.
If price does not break through 1540 and, instead, bounces off that level, then expect price to fall back to support at 1484. In any event, make sure that you follow solid risk management strategies when investing.
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[…] as I anticipated in last week’s stock market overview, price has broken through resistance and had a massive move up in the same day. You can expect the […]