US Market Outlook – Aug 22nd, 2022

stock market overview

US Market Outlook 22nd Aug, 2022 – Premarket looks huge gap down from Friday close. Market sentiment could be a little chaotic or slow at times.
The Jackson hole symposium starts this week, A bunch of fed speakers. Expecting lot of volatility – VIX premarket around 23+.

$SPY Broke its uptrend Friday but closed above the $420.57.

We gap down significantly this morning to $417.5 approximately.

If the last Friday $420.6 level doesn’t hold support when we open then SPY can move lower towards the gap & the 200/20 emas near $415 next.
Next supports would be $417, $414.5 and $413.
As per my one of the original post – fib levels.. I was looking for $415 area and then see if we can go lower around $405 or not.

$QQQ Broke its short term uptrend & failed to hold the 200ema support last week. In premarket it broke $320.8 support now. If this level doesn’t hold, QQQ can move lower towards $318.5, $316.5, and $314.

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US Market Outlook -23rd Aug,2022 (Gap Fill Down or Gap Fill Up)?

Dow Jones Industrial Average 
$29,490.89  $765.38  2.66%  
NASDAQ Composite 
$10,815.44  $239.82  2.27%  
S&P 500 
$3,678.43  $92.81  2.59%  
Russell 2000 
$1,708.87  $44.15  2.65%  
CBOE Volatility Index 
$29.22  $2.40  7.59%  
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