August 3, 2022
By Mish Schneider
Written by Mish Schneider
For the moment, the stock market continues to defy the notion that inflation or slower economic growth is hurting US businesses. Corporate earnings have slightly underperformed, but the stock market has continued on a trajectory upwards since the middle of July.
Technology (XLK) was today's best performing sector, logging 2.66% daily gains, and is one of the best sectors driving this market. With technology leading the way, it is no surprise that the NASDAQ is leading the way for all three indices.
The NASDAQ 100 is the only index decidedly through resistance and yet still faces more overhead resistance and needs to continue trending higher in the coming days to keep the uptrend intact.
All major U.S indices advanced as the first week of August trading is well underway. However, investors question if the current uptrend can continue after a spectacular month of returns in July.
U.S. Indexes have managed to keep the rally going in August that began earlier this summer with more higher highs and higher lows.
As I wrote yesterday, investing in an inflationary environment can be challenging. The markets have been volatile, but stocks have trended steadily higher, with corporate earnings performing well.
As my subscribers know, I am investing and holding precious metals, but I also have a few positions in growing companies, especially in disruptive technology like the ETF ARKK.
Fox-Making Money With Charles Payne 08-03-22
Bloomberg TV on Yields 08-02-22
Business First AM on ARKK 8-02-22
Cheddar TV on Big Tech 07-29-22
S&P 500 (SPY) 416.75 now closest resistance point with first level of support of 411.07
Russell 2000 (IWM) 190.72 the first resistance point with close support at 188.20
Dow (DIA) 329.82 resistance and support at 325.82
Nasdaq (QQQ) 325.75 1st level of resistance and support at 318.01
KRE (Regional Banks) 64.21 key resistance, support level at 63.17
SMH (Semiconductors) 245.45 now pivotal support 237.50
IYT (Transportation) 237.00 Key resistance and support at 234.12
IBB (Biotechnology) 128.85 resistance point and 125.66 is support
XRT (Retail) 67 first resistance point and now support is 65.2
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