S&P Turning Lower?
The current price action in the S&P500 is getting very interesting. The sell off from the 4545.25 highs saw the market breaking down below the rising channel. Price tested as low as the 4295.75 level before rebounding. The current rebound, however, has now stalled into a test of the 4475.25 level with indicators both remaining bearish. This area now risks forming a lower peak against the all time highs, with a break below 4383.50 suggesting room for a medium term correction targeting a break of the 4295.75 lows and 4236.50 thereafter.
Key Data to Watch
The key focus this week will be on comments from Fed chairman Powell who makes two testimonies, starting today. With recent Fed commentary having turned decidedly more hawkish, any hawkishness from Powell risks fuelling a sharp repricing of US rates which would be a major headwind for equities markets in the near term.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.