S&P 500: S&P 500 4,337 support level might hold


 

The S&P 500 was down for the third straight week while the index retests the 4,337 support level. One may expect more volatility ahead as the VIX is breaking above its 50-day MA. Some retail shorts may follow Michael Burry's move and jump on the bandwagon. Reuters reported on Monday that Michael Burry bought put options, worth $1.625 billion, against QQQ and SPDR during the quarter.

J. Powell will give his opening speech at the Fed's Jackson Hole summit next Friday. It is anyone's guess what he'll say. The S&P 500 should bounce if the 4,337 support holds, or from its 100-day EMA at ~ 4,324. The last time the S&P 500 was down for four straight weeks was in December 2022.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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