Weekly Market Recap – 8/2/2015

The market had a nice bounce last week. After a five consecutive down days, the SPX rallied and ended the week almost 2% above Monday’s low. The SPX tried and failed to get above the resistance level of 2108.86. It might need to retest the 2100 level before it can launch another attempt to get above the 2108 level. If it can reclaim the 2108 level, then the resistance level near 2124.20 could be in play. If it fails to hold the 2100 level and moves below the 50% retracement level near 2090, then look for the possibility for SPX to retest the 2079 support level.

SPX

(click on the chart to enlarge)



The tech heavy index, NDX is holding above the 4562 level after having stayed below this level for two trading sessions. The 7/22/15 gap at 4643.83 remains to be the next potential resistance and the 4562-4546 is the potential near term support zone.

NDX




The Russell 2000 had bounced back above the ‘H’ pattern baseline after it had broken the ‘H’ pattern and tagged the -127% Fibonacci extension. Presently, it is bumping up against the rising trendline that is in confluent with the support level at 1238.76. If it can move above this resistance level, then the 1275.35 could be the next potential resistance. If it fails to move beyond the 1275.35, then the Fibonacci extension levels from the ‘H’ pattern could be back in play.

RUT