CFDs & spread bets are complex instruments & come with a high risk of losing money rapidly due to leverage. 73% of Retail investor accounts lose money when trading CFDs & spread bets with this provider. You should consider whether you understand how CFDs work & whether you can afford to take the high risk of losing your money.
Asset Watch
Thursday, July 21, 2022, 13:35am GMT
Source: TradingView
The S&P 500 closed above its 50-day moving average on Jul. 19. This milestone is important because there was only one other upswing in 2022 that saw the index supersede the key level. On the other hand, investors were quick to sell when prior bounces approached the 50-day MA. Additionally, the S&P 500’s RSI closed at its highest level since April. As a result, the bulls have the technical wind at their backs for the time being.
If momentum continues like this, it could allow the S&P 500 to challenge 4,151. The level is near the February, March and April lows, as well as the late May/early June highs.
So, is this the beginning of a persistent rally, or could the bears regain control in the coming days?
Sources:
Bank of America Hartnett:
https://www.bnnbloomberg.ca/bofa-survey-shows-full-investor-capitulation-amid-dire-pessimism-1.1793840
https://ca.investing.com/news/stock-market-news/bank-of-americas-top-strategist-hartnett-expects-stocks-to-rally-in-coming-weeks-432SI-2720971
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