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Assessment: For the week ahead this could really go either way. Last week with FOMC was a nothing week and we broke out, but then dropped back with SPY only slightly above round number resistance at $455. The lack of any direction after last week is making me wonder where we go. Both the bulls and bears look disinterested at these levels.
The technicals are screaming overbought, but the bears have been hibernating. So, we don’t get much upward movement, and there are no bears courageous enough to sell…so we get little volume and no material moves. Maybe my comments will wake up one side or the other today.
FMA Subscribers: I am going into Monday with the Weekend Update (https://tsp.live/2023/07/29/fma-weekend-update-8/) assessment as to what I am watching. Will update with an FMA alert this afternoon, once the post-weekend portfolio adjustments are all completed for traders. At that time we should see some direction for the week take shape.
Good luck in your trades!