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....
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For further details see:
S&P 500: Prepare For More Downside, Week Starting July 29th (Technical Analysis)