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Yesterday’s volume was the lowest non-holiday related volume so far this year. Although we keep pushing above the 1130 level on the S&P we still haven’t been able to break out with strength, The financials XLF are keeping the lid on the market, while the Tech stock performed we.
Today technology was weak from the start of the day, lead by TXN INTC and STX, as well as commodities that started the day weak on the back of Asian concerns for growth prospects, AKS AA.
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Today’s volume was much higher for the SPY due to the volatility increase we got after the 2.15pm FOMC announcement. The announcement resulted in shorts having to cover positions, since we traded above the pre-2.15pm levels for the rest of the day – yet we stayed below yesterday’s close, leaving us within a tight trading range.
For tomorrow we continue to have a similar trading range in the SPY 113 area is resistance and 111 is the support levels, as for volume we did good today because of the FOMC meeting, but I’m not so sure we will get the volume tomorrow since we are in August after all.
Tagged: equity, fomc, s&p, spy
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.