July 29th 2022 – Last Day of July for Trading

SPY Morning Analysis
July 29th 2022 - Last Day of July for Trading

Good morning for Friday, July 29th. This is your spy morning. Brief This morning. We have the last day of the trading month, also closing a weekly candle here. If you look at the candles on their charts, both those weekly and monthly candles are below their respective 20 MAs, but they have a nice bullish showing to end this week.

So a nice rally, at the end of the week here to close and bullish candles, daily chart looks pretty extended it is it did finally close over 400. So, that’s a big thing. We have 417 area. Next, 41750. And there’s next highest resistance, but the daily chart still pretty extended.

So, we’ll see how that pans out. We did have good positive Apple, and Amazon earnings last night, which is holding the market up as well. But We’ll see today whether that sells off back down or if investors come back into the market that we’re missing before. Oh hopefully yesterday everybody got a lesson in spike rules.

So the spike on Wednesday from the post fed meeting This bike on Wednesday after the Fed meeting and Jerome. Powell spoke. We saw a large spike in price after that meeting over five dollars and Price came back down at the open yesterday but Spike rules.

Dictate that price can come down some but if it maintains that area inside the spike, it’s still bullish. And we saw a huge jump at the end of the day, kind of early in the morning, it tapered sideways, and then really jumped. And then after hours jumped as well on Apple and Amazon earning.

So, we have a gap opening this morning. We’ll watch the gap and see if it holds and see if price continues higher. Not too much going on. Economic wise this morning, 8:30, am personal income and outlays employment cost index at 9:45. We have the Chicago PMI and at 10 am consumers sentiment.

That’s all for today. Hope you have a good trading day.