DailyPlay Update – July 29, 2022

Investors have looked extremely favorably at Fed Chair Powell’s remarks from his press conference earlier this week, and have continued on a rampant buying spree to add a 1.2% SPX gain yesterday onto Wednesday’s over 2% gain. With Amazon and Apple providing good numbers after yesterday’s close, I see S&P futures already up near 4100 as I write this Thursday evening.  That’s some 450 pts. (or about 12.5%) higher than the intraday low marked just six weeks ago.

Though I strongly believe that this rally will lead to an upcoming solid selling opportunity, for now, it’s another summer Friday and let’s look to see if today finishes strong or sees profit-taking.

Enjoy your weekend.

– Rick Bensignor
Chief Market Strategist