SPX Daily TA Neutral Bearish
SPX Daily neutral with a bearish bias. Recommended ratio: 48% SPX, 52% Cash. *NANCY PELOSI WATCH. S&P Global released their final July US Manufacturing PMI estimate this morning and it came in at 52.2, slightly lower compared to both June's PMI and the consensus estimate of 52.3; this is the lowest it has been since July 2020. The Atlanta Fed released their second GDPNow Q3 estimate today and it came in at +1.3%, down from the initial estimate of +2.1% on 07/29/22. According to Reuters, CNN and 'Taiwanese media', Nancy Pelosi is scheduled to visit Taiwan tomorrow against the wishes of the PRC; though military countermeasures have been promised but are not expected, if this does happen it would surely shake up markets due to the uncertainty regarding how mainland China will respond. Key dates remaining this week: Nancy Pelosi potentially visiting Taiwan tomorrow night (08/02) and speaking to lawmakers and human rights groups on Wednesday (08/03); St. Louis Fed President James Bullard speaks @ 645pm EST (08/02); Cleveland Fed Loretta Mester speaks 12pm EST (08/03); July BLS Employment Situation @ 830am EST (08/04).* Price is currently facing some selling pressure at ~$4120 as it aims to retest $4175 resistance. Volume is Moderate and on track to favor buyers for a fourth consecutive session if it can close today in the green. Parabolic SAR flips bearish just below the 50 MA at $3900. RSI is currently trending down slightly at 65 after forming a peak at 66 (just below 68.42 resistance); Hidden Bearish Divergence between Price and RSI can be seen from 06/02/22, this is significant due to the potential local Double Top formation. Stochastic remains bullish but is trending down at 98.5 after testing max top for the first time in ten sessions; if it breaks below 93.5 it would be a bearish crossover. MACD remains bullish for the 38th consecutive session and is currently trending up at 49.50 as it approaches 55 minor resistance with no signs of peak formation. ADX is currently trending up at 19 as Price pushes higher, this is mildly bullish. If Price is able to push higher then it will likely formally retest $4175 resistance where it may see a bit of selling pressure. However, if Price breaks down here, it will likely retest the uptrend line from 06/16/22 as support at ~
4K. Mental Stop Loss: (one close above) $4175.
4K. Mental Stop Loss: (one close above) $4175. 
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