Stock market technical analysis shows the stock market is at a crucial level. The next two weeks will be a critical time in the stock market. Technical analysis is pointing to a turning point, which means the current bull run might be over. And yet the economic news continues to be good and continues to show signs of improvement. So will the technicals hold up, or will the bullish fundamentals win the day?
Hi guys it’s stock curry and there’s been quite a bit of good news that’s been propping the markets up lately the question is will this newfound bullishness last or is this a bull trap and the market’s about to reverse we’re gonna talk about it so let’s get into it the first bit of good economic news that’s been propping the markets up lately is the fact that oil
Is back below a hundred dollars a barrel it had reached over a hundred and thirty dollars a barrel earlier and even just last week was it 110 a barrel but today it is well below 100 and it looks like it’s going to continue to fall this alone will be one of the biggest bullish pushes for the stock market over the next few weeks and months until oil stops falling
So this is going to be a really strong catalyst for a continuation in the bull run that we’ve been seeing in addition the 10-year treasury yield continues to drop it had reached over 3.5 percent at one point but today is well below three percent falling all the way down to 2.7 percent as of the recording of this video as the 10-year treasury yield continues to
Drop as people believe the fed will start slowing down the rate of increases and we are still hoping for this soft landing that fed bullard continues to talk about and that is why the 10-year treasury continues to drop as this continues to drop this is going to continue to put upward bullish pressure on the stock market especially the nasdaq and on wednesday
We get a surprise rise in the amount of service sector activity that happened in july supply chain managers increased their purchases in july which came as a shock because for the past few months those purchases have been dropping so this is a good indicator that supply chain managers expect the economic activity to increase as consumers buy more and spend more
Money and therefore they are buying more goods expecting this increase in consumer activity this could be really good for the economy in the future if that increase in consumer activity does in fact play out and all of this good news has caused a massive bull ride in the stock market the stock market has been on an incredible bull ride over the past five weeks
It is up significantly from lows although it is hitting some technical points where it’s gonna have a little bit of trouble continuing to rise for starters we’ve got the vix that is approaching the bottom of an upward trend line that started last year so to explain what the vix is this is the chicago board of options exchange or cboe volatility index volatility
That’s the v index that’s the ix vix volatility index and what this does is it essentially measures the amount of volatility in the market well that’s what it’s supposed to do in reality just think about it this way the vix goes down as the market goes up and the fix goes up as the market goes down now the fact that the vix is at the bottom of very strong support
Going all the way back to december of last year means that there’s a very good chance that the vix is bottoming out and it’s about to rise and start going back up again and remember when the vix rises the stock market falls we also have the s p 500 at a strong resistance level at the 200-day ema the s p 500 is also approaching overbought on the rsi and it usually
When it gets to this point it turns around and starts falling again so the s p 500 is hitting resistance and it’s going to have a very tough time continuing to rise the nasdaq is also near the top of a downward trend line that goes all the way back to december of last year so the nasdaq also is going to have a very difficult time continuing to rise especially since
It is also nearly overbought on the rsi so technically the stock market looks like it’s about topped out it looks like it could go up about one percent more but that’s about it the stock market is gonna have a very difficult time rising more than one percent from where it is currently because in order to do so the nasdaq and the s p would have to break out above
Some very strong resistance levels and the vix would have to drop below a very strong support level we’re talking about levels that go all the way back to december of last year levels that have been in place for nine months in order for the market to continue to rise it is gonna have to have some sort of extremely bullish catalyst to get the market to continue to
Rise so are we seeing that extremely bullish catalyst on the horizon or do we perhaps still have some negative news out there that might mean the market is near topped out and about ready to start falling again well walmart came out on wednesday and confirmed that it has started to lay off corporate employees after slashing its growth forecast for the year and
Ev maker lucid motors again cut their production targets as logistic challenges crippled output so even though there’s a lot of good economic news coming out and it shows that things could be getting better in the economy there are serious headwinds ahead for companies that are struggling to get profits and revenues up most companies who have reported have seen
Significant declines in both revenue and earnings during this most recent earnings season so this is the problem we may have a good economy on the horizon but right now companies are struggling and the stock market trades based upon earnings ultimately that’s how it trades right now earnings are terrible we just saw amd beat both earnings and revenue and yet the
Stock market fell after reporting earnings because they had to lower their q3 guidance so what is going to happen from here will the good economic news prevail will the stock market be forward-looking and think that the economy is going to get better over the next six months and it will continue to rise or will the stock market look at the continued decline in
Earnings from companies and decide to stop going up and start going back down i don’t know i don’t have an answer for you what i do know is that the stock market is currently at a crucial level and what happens next week and over the next few days is going to determine if the stock market can break out and continue on this new massive bull run or if the stock market
Is gonna lose steam turn around and start going back down again time will tell i don’t have a prediction for you because it’s just so uncertain now that said i do have a quick warning about cryptocurrencies that we need to talk about an ongoing solana attack is targeting thousands of crypto wallets and more than five million dollars has been stolen so far remember
If you’re invested in cryptocurrency the safest place to keep your cryptocurrency is on a hardware wallet when it’s on a hardware wallet you don’t have to worry about your exchange going out of business and taking all of your crypto you don’t have to worry about a hacker stealing all of your crypto it is safe and secure if you’re looking for a hardware wallet
I personally use ledger there are other ones out there that are very good if you want to know more about the hardware wallet that i use i have some information on it on my resources page along with a lot of other free resources and you can go check that out at stock curry.vip slice resources that’s stock curry.vip resources now a lot of you have been asking me
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Transcribed from video
CRITICAL TIME IN THE STOCK MARKET – Technical Analysis Points to a Turning Point – Thur, Aug 4, 2022 By Stock Curry – We Profit Day and Night
