US Market Outlook – Aug 22nd, 2022

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.