July 5, 2023

Volume Analysis | Flash Market Update — 7.5.23

This past week the S&P 500 broke above our upward trading range of 4448 to close at 4456. Upside capital inflows were above average with 56 Billion dollars flowing into S&P 500 components last week. Capital outflows were light with less than $32 Billion flowing out of the S&P 500. Overall, the trend of capital flows closed the quarter @ $742B continuing its upward trend and closing in on its all-time high reached December 10, 2021 of $756B.  Both Capital Weighted Dollar Volume and Capital Weighted Volume continue to advance, nearing their all-time highs.

Market-Breadth joined the rally with the Russell 3000 Advance-Decline Line breaking into an uptrend and Russell 3000 New-Highs closing the quarter at the top of its range. Market breadth improvement supports our prior thesis that the generals (NDX 100) are rallying up the troops (Russell 2000). Overall, volume continues to lead prices higher, a bullish condition. Support on the S&P 500 resides @ 4300 and resistance rests @ 4640.

Grace and peace my friends,


Updated: 7/5/2023

Historical references do not assume that any prior market behavior will be duplicated.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. 

Previous Article
Next Article
Related Articles