ChartAdvisor for July 24 2015 Tickers in this article: SPY, DIA, QQQ, IWM The U.S. markets moved lower over the past week, as of Thursday's close, driven largely by the Fed's hawkish comments, an ongoing slide in commodities, and lackluster earnings reports. Despite the bearish equity markets, the Conference Board's index of leading indicators rose 0.6% in June, which was roughly double what economists were expecting, according to Bloomberg's economic survey.
International markets also moved lower over the past week, as of Thursday's close. Japan's Nikkei 225 fell 0.36%; Germany's DAX 30 fell 1.38%; and, Britain's FTSE 100 fell 1.75%. In Europe, debt reached a record high despite the lack of an economic recovery. In Asia, investors remain concerned about China's slowing growth, which could accelerate if its debt situation doesn't improve.
The S&P 500 SPDR (SPY) 
The S&P 500 SPDR (ARCA: SPY) fell 1.08% over the past week, as of Thursday's close. After reaching a reaction high, the index reversed direction to its 50-day moving average and lower trend line at 209.84. Traders should watch for a rebound to the upper trend line at around 214.50 or a move below support to the pivot point at 207.91. Looking at technical indicators, the RSI appears neutral at 51.32, while the MACD remains in a slight bullish uptrend.
Dow Jones Industrial Average SPDR (DIA)  The Dow Jones Industrial Average SPDR (ARCA: DIA) fell 1.87% over the past week, as of Thursday's close. After reaching its reaction high, the index fell below its 50-day moving average to its pivot point at around 177.44. Traders should watch for a rebound from these levels toward its upper trend line and R2 resistance at 183.56 or a move lower to its 200-day moving average at 175.71. Looking at technical indicators, the RSI appears neutral at 44.24, while the MACD appears bearish.
PowerShares QQQ Trust (QQQ) 
The PowerShares QQQ Trust (NASDAQ: QQQ) fell 1.21% over the past week, as of Thursday's close. After moving above its R2 resistance at 112.77, the index broke back down below the key trend line this week. Traders should watch for a move back up to re-test its highs of around 114.00 or a move lower to R1 resistance at 109.92. Looking at technical indicators, the RSI appears a bit overbought at 59.47, while the MACD remains in a bullish uptrend.
iShares Russell 2000 Index ETF (IWM)  The iShares Russell 2000 Index ETF (ARCA: IWM) fell 1.74% over the past week, as of Thursday's close. After briefly breaking above its pivot point, the index moved lower toward the lower part of its channel. Traders should watch for a rebound to R1 resistance at 127.75 or a move lower to S1 support at around 121.71 nearby its lower trend line support. Looking at technical indicators, the RSI appears neutral at 43.68, while the MACD provides few hints for what's in store.
Looking Ahead The major indexes moved lower over the past week, as of Thursday's close, as traders sold off amid speculation of rising rates later this year. Next week, traders will be watching a number of key economic indicators, including FOMC minutes on July 29th, and GDP and jobless claims data on July 30th.
Refine Your Financial Vocabulary Sign up to receive our FREE Term of the Day newsletter. Gain a better understanding all things financial with technical and easy-to-understand explanations. Click here to begin developing your financial language with this daily newsletter. Charts courtesy of stockcharts.com Disclosure - At the time of writing, the author did not own shares of any company mentioned in this article.
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