Volume Analysis | Flash Market Update – 7.18.22
CHIEF TECHNICAL ANALYST, BUFF DORMEIER, CMTⓇ
Although the market was down for the week, capital inflows slightly outpaced outflows this past week. That is a bullish divergence sign of hope for the bulls.
Yet overall capital flows remain well below trend. The VPCI capitulation V bottom signal is running its course and is now slowly rolling off as time mends many wounds. Strong support resides @ 3600 for the S&P 500 while a rising ceiling just above 4200 represents significant resistance. It appears the market maybe presently stuck in a range between these two points, 3600 on the bottom end and 4200 (and rising) on the top end.
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