S&P Weekly Recap
Last week saw significant moves in the S&P 500, with Thursday’s open revealing a sharp gap down that quickly intensified into a strong sell-off. This correction unfolded despite strong earnings from “Big Tech” and was likely driven by weakness in key economic indicators, such as GDP growth and Non-Farm Payrolls, combined with uncertainty surrounding the upcoming U.S. elections. Still, the broader weekly uptrend remains intact for now, as long as the index holds above key levels.
One area to watch closely is the 566.6 support, which has been tested by recent volatility. There’s no guarantee that this level will hold if selling pressure continues, so it’s a crucial line to monitor. That said, the general uptrend is considered safe above 538, which is the major weekly low. Another significant level to watch is 561.5, the Value Area High (VAH) of the recent weekly consolidation zone.
An interesting signal was the elevated call/put ratio on Friday. This uptick suggests that, despite the sell-off, bullish sentiment remains alive, with many viewing the dip as an opportunity. The continued strength of the XLC sector further reflects this optimism, as it managed to hold firm even through the broader index’s pullback.
Considering all the above, the long-term market outlook remains bullish. Key levels to watch in the coming days are 566.6 for immediate support, 561.5 as an important pivot point, and the weekly major low at 538.
Next week is packed with high-impact events, including the U.S. elections and the Federal Reserve’s interest rate decision. Both are likely to drive heightened volatility and could serve as key catalysts for market direction.
One area to watch closely is the 566.6 support, which has been tested by recent volatility. There’s no guarantee that this level will hold if selling pressure continues, so it’s a crucial line to monitor. That said, the general uptrend is considered safe above 538, which is the major weekly low. Another significant level to watch is 561.5, the Value Area High (VAH) of the recent weekly consolidation zone.
An interesting signal was the elevated call/put ratio on Friday. This uptick suggests that, despite the sell-off, bullish sentiment remains alive, with many viewing the dip as an opportunity. The continued strength of the XLC sector further reflects this optimism, as it managed to hold firm even through the broader index’s pullback.
Considering all the above, the long-term market outlook remains bullish. Key levels to watch in the coming days are 566.6 for immediate support, 561.5 as an important pivot point, and the weekly major low at 538.
Next week is packed with high-impact events, including the U.S. elections and the Federal Reserve’s interest rate decision. Both are likely to drive heightened volatility and could serve as key catalysts for market direction.
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