Weekly US Stock Market Review – 03 Aug 2024 The S&P 500 Index went down 2 .06 % this week and closed at 5 346 . The pull back of SPX has continued this week, which we believe is the Micro a of the Minute iv pull back. In the short term, we’re in the Intermediate iii wave which will have 5 Minor waves. As we have the Minor 1 at 4100, Minor 2 at 3764, and we’re in the Minor 3 rally. The Minor 3 will have 5 Minute waves, and we have 4195 as Minute i, 3808 as Minute ii, and Minute iii ended at 5669 pivot, and we are at the Minute iv pull back. We keep our minimal target for Minute iv is 5102 pivot, the 2 nd target is 4953 pivot, with 3 rd target at 4607 pivot. The extreme target for Minute iv is 4203 pivot but we believe the chance is very small. In the coming week, the short-term support lies at 5264 and 5192 , while resistance is at 5361 and 5446 . The short-term MACD continue with a bearish crosss , and the RSI is at slightly oversold status on Friday
