SP500 – Weekly Analysis

As the benchmark for the broader US equity market, the S&P 500 provides an essential read on investor sentiment, market breadth, liquidity, and the health of the larger economic cycle. In this weekly S&P 500 Technical Analysis, we examine the latest candlestick signals, trend and momentum structure, major support and resistance levels, and the Elliott Wave paths now in play. With several bullish and bearish scenarios still competing for control, the next confirmation could determine whether the S&P 500 is building a foundation for another major advance or about to enter a deeper and more complex corrective phase. CANDLES SPX closed the first week of August with bullish reversal and continuation candles across several important mid- and long-term frames, including the weekly, 10D, and 15D. The other major indices showed broadly similar strength. The sharp midweek spike pushed prices above the Bollinger Bands on several short-term frames, with the Dow…