The S&P 500 rallied last week breaking through our first level of resistance @ 4000 to close @ 4067. Next resistance is near @ 4080 with additional resistance residing @ 4180.

Although price action was strong,  volume and capital flows, though positive, were not as vigorous. This lack of volume suggests that the bull market rally lacks conviction and could be a relief rally rather than a birth of a new bull trend.

Should the rally continue, we will be watching the next resistance levels (4080,4180) investigating whether conviction is reentering the market.

Wishing you my very best my friends.

Updated: 9/12/2022

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