Implications and Outlook
1. Second quarter Gross Domestic Product of 4.1% releasing has been the very best growth number in 4 years. That was not good enough to aid over-bought technology stocks as we observed the profit-taking go forward. The unexpected increasing amount of volatility already has frightened a number of people along with a couple of misses within the week, notably, Facebook may be a delicate reminder of what you should expect after this type of terrific market run, while Intel and Twitter became part of the decline.
Quite a lot to play in the upcoming week with global central banks, as well as month end data numbers, will be posted, however, as the volatility brings us away from the consolidation phase the absence of volume adds to the price action. American healthcare stocks powered the SPX (S&P500) index, as the basket of stocks slid 18.6 points or 0.7% to close at 2,819.
2. With the formation of the doubleheader outer Index Rally, inner Index Rally at 2849, and Key Resistance formation of 2846, the Index displays undoubtedly serious of the short-term bearish implications, having downside targets to Mean Support of 2797 and 2773 respectively.
3. In the meantime, the Key Resistance of 2846 will be a significant interim target in order to validate completion of the intermediate-term bullishness, as an all-time high, as well as primary Key Resistance of 2873, is looming in the distance.
4. Current Index Strategy Bias: Bullish 60 / Bearish 40
1. Second quarter Gross Domestic Product of 4.1% releasing has been the very best growth number in 4 years. That was not good enough to aid over-bought technology stocks as we observed the profit-taking go forward. The unexpected increasing amount of volatility already has frightened a number of people along with a couple of misses within the week, notably, Facebook may be a delicate reminder of what you should expect after this type of terrific market run, while Intel and Twitter became part of the decline.
Quite a lot to play in the upcoming week with global central banks, as well as month end data numbers, will be posted, however, as the volatility brings us away from the consolidation phase the absence of volume adds to the price action. American healthcare stocks powered the SPX (S&P500) index, as the basket of stocks slid 18.6 points or 0.7% to close at 2,819.
2. With the formation of the doubleheader outer Index Rally, inner Index Rally at 2849, and Key Resistance formation of 2846, the Index displays undoubtedly serious of the short-term bearish implications, having downside targets to Mean Support of 2797 and 2773 respectively.
3. In the meantime, the Key Resistance of 2846 will be a significant interim target in order to validate completion of the intermediate-term bullishness, as an all-time high, as well as primary Key Resistance of 2873, is looming in the distance.
4. Current Index Strategy Bias: Bullish 60 / Bearish 40