Market Recap For 7/29/2015

The market continued with its oversold rally. It paused for approximately two hours before the FOMC announcement. As usual, the market fluctuated wildly in the initial minutes after the release of the FOMC announcement. After the market had digested what those statements are saying, the market made its move. Today, the market continued to move upward and the SP500 closed near the high of the day.

The SP500 closed at 2108.57 with a gain of 15.32 or 0.73% and it is bumping against the 6/11/15 close of 2108.86. The next potential resistance level resides within the zone between the 6/23/15 close at 2124.20 and the all time high of 2134.72 made on 5/20/15. If it decides to retreat, then it needs to hold the 2079.11 to maintain a higher low. Otherwise, it could retrace to 2056.15 or 2044.02 for potential support.

SPX

(click on the chart to enlarge)



For the SPY, the potential resistance zone is between 211.63 and 213.78 and the potential support is 207.95.

SPY




The Nasdaq 100 also ended the session higher. It closed with a gain of 21.37 or 0.47%. The potential resistance level remains to be the 7/22/15 gap at 4643.83 and the levels between 4379.75 and 4349.93 could be a potential support zone.

NDX




For the QQQ, the potential resistance is the price gap at 113.17 and a potential support zone between 106.02 and 106.71.

QQQ




The Russell 2000 closed up with a gain of 5.00 or 0.41% at 1229.60. It had moved above the ‘H’ pattern baseline and the potential overhead resistance is 1238.76 with possible support between 1208.47 and 1215.42.

RUT




For the IWM, the potential resistance is at 123.24 with a possible support zone between 120.30 and 121.28.

IWM