April 17, 2023
Volume Analysis | Flash Market Update — 4.17.23
Although the S&P 500 was up slightly for the week (0.79%), S&P 500 Capital-Weighted Inflows took a breather from their massive surge in March.
Capital Weighted Outflows outpaced Inflows $41.25 Billion to $31.3 Billion. Market breadth was up for the week, indicating liquidity may be positively trending.
The next resistance point on the SPX is 4200. Should the market break above this resistance, then the next area of strong supply resides @ 4270-4325 (secondary resistance). Critical support remains at the apex of the former bear flag near 4000. The weak inflows suggest that a pause to refresh might be needed before testing the secondary resistance level.
Grace and peace my friends,
BUFF DORMEIER, CMT®
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