2 Aug 2021, 11:39

The S&P 500 index has hit a channel resistance (see blue line in chart). It is not surprising then that last week was sluggish compared to the previous week when the indexes rebounded off the black support line for a strong upwards move towards to channel resistance line. This channel resistance line is expected to hold strongly so we expect any upwards movement to be halted. The index could travel within this channel for the month of August.

Let us see how the month of August could turn out for the stock markets. 

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