Volume Analysis | Flash Market Update – 7.22.24

And Then There Were None Part III

This past week, the generals continued their retreat on modest capital flows while the troops resumed their rally. The generals (NDX 100) lost -3.98%, while the troops (iShares Russell 3000 ETF, IWM) gave up much of their early week gains to finish up 1.74%. The S&P 500 ended the week down -1.97%, with capital outflows outpacing inflows by nearly a 2:1 ratio.

This “And Then There Were None” market continues to broaden, with RSP (Invesco S&P 500 Equal Weight ETF) finishing nearly flat (-0.08%), and dividend stocks leading the way higher, finishing up 1.85% (Schwab US Dividend Equity ETF, SCHD). More evidence of market broadening was seen in market breadth. The NYSE Advance-Decline line closed higher for the week, creating a new all-time intra-week high. The number of stocks in the Russell 3000 making new 52-week highs reached a new 2024 high.

Both the trends of Capital Weighted Volume and Capital Weighted Dollar Volume pulled back this week but remain in solid uptrends. S&P 500 resistance is at 5670, with support at 5440. The troops (IWM) have support between 212 and 210, with resistance at 228.

Grace and peace my friends,

BUFF DORMEIER, CMT

Updated: 7/22/2024. Historical references do not assume that any prior market behavior will be duplicated.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.