Volume Analysis | Flash Market Update - 11.21.22
The bulls and the bears squared off last week only to score a draw. The S&P 500 did make a higher high for the week but closed slightly lower @ 3965 than the previous close, 3992.
Market Breadth has a similar story with the Advance Decline making a higher high but closing lower for the week. Capital flow finished the week to the downside with nearly $48 billion in outflows compared to $40 billion in capital inflows.
Overall, S&P 500 capital weighted volumes remain well below June lows while price is significantly above former June and July lows. The 3900 support and 4100/4200 resistance lines still remain as the battleground trading range.
Grace and peace to you my friends,
Buff Dormeier
Updated: 11/21/2022
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