The week in the markets according to stock charts: US stocks gained again, but the S&P 500 index bounced off resistance (for now)
The S&P 500 index wobbled after the FOMC meeting, but eventually added 1.01% for the week

S&P 500

The S&P 500 Index rose modestly in the first half of the week, then showed a quick rise and fall after the FOMC meeting, breaking above 4,600 early in the trading day on Thursday, only to quickly retrace lower and eventually lose 0.6%. The market has not shown an intraday move of roughly 2% in quite some time. Friday's 1% gain pushed the market 0.4% below resistance at 4,600.

The stock market is riding a bullish wave and pushed the year's high again on the week. Support and resistance levels are unchanged - nearest resistance is at 4,600 to 4,650, nearest support is at 4,500 and other important support levels are at 4,300 and 4,200. Meanwhile, on the daily chart, the index is still moving away from the 20-day moving average, which is at 4,450. There has been no descent to this level yet.

VIX

The VIX volatility index has been holding near multi-year lows in the 13-14 range for two months and is sending a positive signal for stocks.

Conclusion

We are down to the last trading day of July. So far during it, the S&P 500 index has added roughly 3% and has added over 19% since the beginning of the year. That's a lot. The market faces the peak of earnings season this week, while at the same time beginning a period of historically poor stock performance and rising volatility. Let's hold on to our hats.