Volume Analysis | Flash Market Update — 7.10.23

Although the markets experienced a volatile Independence Day downside week, the technical damage appeared to be only modest at worst. The S&P 500 is still trading inside its previous week’s range of 4458 and 4328. The week was shortened by a light half session Monday and closed on Tuesday. The action was violent on the days the market was open but few investors actually participated, as evidenced by the light volume.

Both Capital Weighted Volume and Capital Weighted Dollar Volume were down for the week but only slightly. Although down, even the struggling Advance-Decline Line remained above resistance. Overall, prices traded wildly down last week. However, volume did not confirm the sell-off. The market remains in the same trading range as prior to Independence Day, 4458 resistance and 4328 support. A move above or below this range could impact short-term implications. Yet the intermediate health of the market appears to remain healthy.

Grace and peace my friends,

BUFF DORMEIER, CMT®

Updated: 7/10/2023

Historical references do not assume that any prior market behavior will be duplicated. Past performance does not indicate future results. This material has been prepared by Kingsview Wealth Management, LLC. It is not, and should not, be regarded as investment advice or as a recommendation regarding any particular security or course of action. Opinions expressed herein are current opinions as of the date appearing in this material only. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate their ability to invest for the long term. Investment advisory services offered through Kingsview Wealth Management, LLC (“KWM”), an SEC Registered Investment Adviser.