SPX Daily TA Neutral Bearish

SP:SPX   S&P 500 Index
SPXUSD Daily neutral with a bearish bias. Recommended ratio: 40% SPX, 60% Cash. *CRITICAL RESISTANCE WATCH. Equities finished the session relatively flat as markets are sending mixed signals ahead of CPI and PPI data on 08/10 and 08/11. Crypto, Gold, VIX and Oil are trending higher while DXY and Treasuries are down. Palantir reported an earnings miss and revenue beat and forecasted weaker revenue guidance for the second half of 2022; this likely isn't a market moving event but is important because it not only reflects a slowdown in growth stock interest but it hints at a slowdown in economic activity (due to their significant number of government contract delays). Key dates this week: COIN earnings 08/09; 4th US Q3 GDP estimate at 10am (EST) 08/10; CPI at 830am (EST) 08/10; Disney earnings 08/10; and PPI at 830am (EST) 08/11.* Price continues to retest $4175 major resistance and briefly broke above it in today's session. Volume remains Moderate and fairly balanced between buyers and sellers reaffirming that Price is trading at a critical resistance. Parabolic SAR flips bearish at $4060, this margin is mildly bearish. RSI is currently trending down slightly at 63 after peaking at 66, it is also exhibiting minor Bearish Divergence; the next resistance is at 68 and next support at 53. Stochastic is currently crossing over bearish at 92 as it continues to trend sideways in the 'bullish autobahn'; the next support is at 76. MACD is currently beginning to form a soft peak at 68 and is still technically testing 55 minor resistance. ADX is currently trending up at 22.50 as Price continues its attempt to break above $4175, this is mildly bullish. If Price is able to bounce here then it will need to close above $4175 major resistance for two consecutive sessions in order to flip it to support; only after this will it be able to retest the upper trendline of the descending channel from November 2021 at ~$4300 as resistance. However, if Price breaks down here, it will likely retest $4100 before potentially retesting the uptrend line from 06/16/22 at $4k psychological support. Mental Stop Loss: (two consecutive closes above) $4175.


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