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Weekly Market View 6-16-24

The SPX closed higher for the week by +1.7% and held near highs above 5400 after the midweek gap up on CPI data. Despite weakening breadth and narrow leadership the Nasdaq continues to propel things as Tech names had another banner week but now entering a potential...

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Weekly Market View 6-9-24

The SPX closed higher for the week by +1.4% and hit new all-time highs at 5375, now quickly rebounding over 150 points in the past 6 sessions after the bullish engulfing candle off key support to end the month of May. Breadth can be considered somewhat narrow into...

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Weekly Market View 6-2-24

The SPX closed nearly unchanged for the week again after a violent late Friday rally surged off the lows by nearly 90 points and well over 1.5% off the 5200-support level that held as a key line in sand which lined up with the 8-week MA and the highest gamma put wall...

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Weekly Market View 5-26-24

The SPX closed nearly unchanged for the week but closed strong Friday into the long weekend right back at the 5300 key strike level that has been a magnet of late. This level was breached on Thursday for a short time as the market saw some surprising volatility even...

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Weekly Market View 5-19-24

The SPX closed higher for the week by +1.5% as monthly options expiration propelled price action into the large 5300 SPX strike price and pinned nearly perfectly. A common occurrence when volatility drops drastically, and the index is near all time highs and intraday...

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Weekly Market View 5-12-24

The SPX closed higher for the week by +1.9% showing impressive strength even after a midweek gap down found buyers near 5160 and retraced back up to the 5200 strike which it closed above on Friday. A strong market but a very dull tape the past week a lack of any type...

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S&P Weekly Technical Outlook 5-5-2024

The SPX closed the week strong above a two-week high and NYSI flipped back bullish. The S&P also closed above 8-, 21- and 55-day moving averages with the 8-day curling higher looking for a bull cross with the 21-day. The high came right at AVWAP off the record...

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Weekly Market View 4-28-24

The SPX closed higher for the week by +2.6% after we expected last Friday’s OPEX low to be a short-term bottom and see what kind of rebound the market could muster. The bounce has reached the ideal resistance target of nearly 5100 SPX while this lines up with around...

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Weekly Market View 4-21-24

The SPX closed lower by -3% for the week that saw everyday close lower for one of the uglier weeks of the past year but not all that surprising based on what we have been seeing and warning of transpiring into the more bearishly tilted options market in a negative...

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Weekly Market View 4-14-24

The SPX closed lower by about -2% on the week after a series of short covering bursts saw the index rally off support of 5150 but ultimately making a lower high each time and then seeing risk culminate Friday in a minor panic selloff which closed right near our...

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