Stock Market Update and US Stocks Watchlist – 21 July 2022
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The S&P 500 continued higher for a third day in a row with a shakeout in the first hour before turning higher again. It closed above the +1x ATR level and has put in a higher high and higher low within the small rising channel / flag pattern of which it's approaching the upper end of.
The lower intraday 4-hour timeframe (shown above) made a small Stage 2 breakout attempt on that timeframe, but as you can see from the chart, it's moving into an area where it previously consolidated and attempted to base in May, and so is a zone of potential resistance that could limit progress in the near-term.
Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.