Weekly Recap & Market Forecast $SPX (Oct 27th—> Nov 1st)
Market Forecast (Updated 10/27/2024)
**SPX** - Tesla and NFLX started the tech earning season extremely bullish, The rest of the Mag 7 reports this week so there's def going to be volatility.
Next resistance: 5,913 and 5,940
Next support: 5,770, followed by 5,570
Weekly Sentiment: Oversold (Possible bounce week)
**Dollar Index:**
DXY- Canada and china just cut rates, and now ECB is considering a 50 BPs cut. So DXY may continue to see strength but that also puts more pressure for fed to more rates.
Next resistance: 104.60 and 106.10
Next support: 103.20 and 102.60
Weekly Sentiment: Bearish (cross to downside)
**Put to call Ratio: 1.60—> 1.39
Next FOMC date: 11-06-2024**
**Fear & Greed Index: 75—>59**
**SPX** - Tesla and NFLX started the tech earning season extremely bullish, The rest of the Mag 7 reports this week so there's def going to be volatility.
Next resistance: 5,913 and 5,940
Next support: 5,770, followed by 5,570
Weekly Sentiment: Oversold (Possible bounce week)
**Dollar Index:**
DXY- Canada and china just cut rates, and now ECB is considering a 50 BPs cut. So DXY may continue to see strength but that also puts more pressure for fed to more rates.
Next resistance: 104.60 and 106.10
Next support: 103.20 and 102.60
Weekly Sentiment: Bearish (cross to downside)
**Put to call Ratio: 1.60—> 1.39
Next FOMC date: 11-06-2024**
**Fear & Greed Index: 75—>59**
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