Weekly Recap & Market Forecast $SPX (July 14th —>July 19th)

Market Forecast (Updated 07/14/2024)

**SPX**- As we predicted last week, market was bullish, We also saw lower than expect CPI and PPI data which pushed the chance of a rate cut to 88% in September.
Due to the chance of rate cut actually happening, we are seeing rotation into small cap stocks and industrials.

Next resistance $5626 and $5655
Next support $5490 and 5385
Weekly Sentiment = Slightly Bearish

**Chart Analysis:**
[SP:SPX Chart Image by WallSt007](tradingview.com/x/JewS6Pdd/)

**Dollar Index:**
DXY- As rate cut chances increase and JPY FX started to increase, we are starting to see weakness in the dollar.

Next resistance $105
Support $104
Sentiment = Oversold

**Put to call Ratio: 1.56 —> 1.31
Next FOMC date: July 31, 2024**
**Fear & Greed Index: 54—>56**