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USVM - S&P 500: Prepare For More Downside Week Starting July 29th (Technical Analysis)
USAA MSCI USA Small Cap Value Momentum Blend Index
2024-07-28 16:00:00 ET
Summary
The S&P 500 made a 2% daily drop for the first time since February 2023.
Support was tested and held, but it is unlikely the low is in.
5265 looks like the minimum target, with potential for 4953-5000.
The S&P 500 ( SPY ) continued lower this week and finally made a 2% daily drop for the first time since February 2023. With "Mag 7" stocks dropping sharply, the Nasdaq ( QQQ ) could close down in July for the first time since 2007....