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Jason Ruchel

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Weekly Market View 8-18-24

The SPX closed strongly higher for the week by +4% and showing solid follow through from last weeks bullish weekly reversal candle with breadth actually driving the move higher and expanding to new highs based on NYAD cumulative breadth. The monthly expiration passing...

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Weekly Market View 8-11-24

The SPX closed nearly unchanged for the week after exhibiting one of the biggest volatility spikes on Monday since the March 2020 Covid crash but ultimately seeing a lot of bullish hammer candles on the weekly chart that formed, especially in key Tech growth names...

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Weekly Market View 8-4-24

The SPX closed the week down nearly -3% but overall seeming much more violent on the downside since it was all in the last two days of the week after the FOMC meeting produced a bull trap right into the key gap fill level of 5550. The SPX is now back to the rising...

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Weekly Market View 7-21-24

The SPX closed the week lower by -2% after touching a new high early in the week and reversing on Wednesday, which was precisely the VIX expiration for July options and that classic midweek reversal often seen during options expiration week. For now the SPX has...

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Weekly Market View 7-14-24

The SPX closed the week higher by just about 1% and hitting that big long term 1.618 fib extension target of 5638 which could prove to be a pause point or start of a pullback into late summer. However, the sector rotations seen this week were fascinating as that has...

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Weekly Market View 7-7-24

The SPX closed the week higher by +2% in a very strong start to July surpassing the options expected move for the week by nearly double for a multiple sigma move in a holiday shortened week. The dispersion trade continues to drive flows with funds selling puts in the...

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Weekly Market View 6-30-24

The SPX closed the week unchanged after a Friday rally tagged new highs at 5523 before quarter end profit taking pushed prices back down under 5500 and to the 8-day MA near 5460. A sharp reversal but typical to see at the end of a month/quarter that has been so strong...

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Weekly Market View 6-23-24

The SPX closed higher for the week by +0.6% after being higher into a Thursday peak near 5500 which was our max ceiling zone for the week based on expected moves and open interest. The market likely has that level to contend with as stiff resistance into the quarter...

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