Tuesday's market session saw the Dow Jones Industrial Average and retail stocks rally on the back of strong earnings from Home Depot and Walmart.
 | TUE, AUG 16, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 173.03 | -0.16 | -0.09% | | WMT | 139.37 | +6.77 | +5.11% | | INTC | 36.19 | -0.15 | -0.41% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 100.20 | -0.81 | -0.80% | | CCL | 11.19 | +0.48 | +4.48% | | AMZN | 144.78 | +1.60 | +1.12% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 100.20 | -0.81 | -0.80% | | AMZN | 144.78 | +1.60 | +1.12% | | AAPL | 173.03 | -0.16 | -0.09% | |
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Tuesday's market session saw the Dow Jones Industrial Average and retail stocks rally on the back of strong earnings results from Home Depot and Walmart. At the same time, the S&P 500 flirted with an important resistance level known as the 200-day moving average, which the Dow closed above for its first time since April on Monday. Closing above that threshold is often seen by traders as an indicator of potential upside ahead for markets. There are other resistance levels to watch out for, says Adam Sarhan of 50 Park Investments. |
In fact, Sarhan expects pullbacks over the next few weeks and months. The nature of those pullbacks will determine the trajectory of the market for the end of 2022, he said. Small slips or declines on light volume would signal a healthy drop down, while aggressive dives would indicate another win for the bears. At the same time, a break below the June lows for markets could also signal that something is awry, Sarhan said. "We haven't seen any evidence to support any kind of heavy aggressive selling since that June low," he said. "If it shows up again, we'll deal with it. Until then, the markets have earned the bullish benefit of the doubt." |
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