ChartAdvisor for July 30 2015 Tickers in this article: SPY, DIA, QQQ, IWM The U.S. markets moved higher over the past week, as of Thursday's close, led by the S&P 500 and lagged by the Russell 2000. Despite weak housing data, lackluster earnings, and a slump in consumer confidence, the market rebounded over the past week due to evolving expectations of a Fed rate hike (less likely if the economy slumps) and improvements on the international scene.
International markets were mixed over the past week, as of Thursday's close. Japan's Nikkei 225 rose 0.73%; Germany's DAX 30 fell 0.8%; and, Britain's FTSE 100 rose 1.42%. In Europe, the ECB reported that confidence in the region reached a four-year high and the recovery is picking up despite the lack of inflation. In Asia, Chinese regulators vowed to take more steps to protect and grow its economy.
The S&P 500 SPDR (SPY) 
The S&P 500 SPDR (ARCA: SPY) jumped 1.36% over the past week, as of Thursday's close. After falling below its pivot point at 207.91, the index rebounded to its R1 resistance at 210.53 before taking a breather. Traders should watch for an extended move higher to R2 resistance at 215.22 or a move back down to its pivot point support. Looking at technical indicators, the RSI appears neutral at 53.93, while the MACD provides few clues about where prices may be headed next week.
Dow Jones Industrial Average SPDR (DIA)  The Dow Jones Industrial Average SPDR (ARCA: DIA) jumped 0.97% over the past week, as of Thursday's close. After falling to S1 support at 173.49, the index quickly rebounded to its pivot point at 177.44 before stalling a bit. Traders should watch for an extended move higher to the 50-day moving average at 178.62 or a move lower to the 200-day moving average at 176.03. Looking at technical indicators, the RSI appears a bit oversold at 47.59, while the MACD provides few hints.
PowerShares QQQ Trust (QQQ) 
The PowerShares QQQ Trust (NASDAQ: QQQ) jumped 0.89% over the past week, as of Thursday's close. After reaching its R1 resistance at 109.92, the index rebounded sharply higher near its R2 resistance at 112.77. Traders should watch for a move behind that level to its upper trendline or a move lower to the 50-day moving average at 109.75. Looking at technical indicators, the RSI appears a bit overbought at 57.48, while the MACD appears ready for a bearish crossover.
iShares Russell 2000 Index ETF (IWM)  The iShares Russell 2000 Index ETF (ARCA: IWM) jumped 0.57% over the past week, as of Thursday's close. After falling to its reaction support at around 120.00, the index rebounded above its S1 support at 121.71. Traders should watch for an extended move higher to the 50-day moving average at 124.64 or a move back down to its 200-day moving average at 120.12. Looking at technical indicators, the RSI appears oversold at 42.61, but the MACD remains in a bearish downtrend.
Looking Ahead The major indexes moved higher over the past week, as of Thursday's close, as traders bet that the Fed might hold off on raising interest rates until the economy improves a bit more. Next week, traders will be watching a number of key economic indicators, including personal incomes on August 3rd, manufacturing data on August 3rd, jobless claims on August 6th, and employment data on August 7th.
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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