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MarketBeat Minute(2023-08-21)
Equity markets pulled back for the 3rd week and may pull back further this week. The ugly specter of recession is back in the picture due to persistent inflation and high odds the FOMC will increase interest rates by at least 1 more 25 basis point hike and possibly several.
The critical element now is oil prices. Oil prices show support at higher levels than over the summer, and the supply/demand balance is tilted in favor of demand. The August PCE report, which reports on price changes in July, may not show a significant upswing in inflation due to its lagging nature, but the data for August will be hot when it is released next month.
The S&P 500 is falling and will likely test support at the 150-day EMA this week. The 150-day EMA is an important target for potential support and 1 that will lead to lower prices if broken. If the S&P 500 moves below the 150-day EMA it could fall 5% or more before the next support level is reached.
The critical element now is oil prices. Oil prices show support at higher levels than over the summer, and the supply/demand balance is tilted in favor of demand. The August PCE report, which reports on price changes in July, may not show a significant upswing in inflation due to its lagging nature, but the data for August will be hot when it is released next month.
The S&P 500 is falling and will likely test support at the 150-day EMA this week. The 150-day EMA is an important target for potential support and 1 that will lead to lower prices if broken. If the S&P 500 moves below the 150-day EMA it could fall 5% or more before the next support level is reached.
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By MarketBeat MinuteEquity markets pulled back for the 3rd week and may pull back further this week. The ugly specter of recession is back in the picture due to persistent inflation and high odds the FOMC will increase interest rates by at least 1 more 25 basis point hike and possibly several.
The critical element now is oil prices. Oil prices show support at higher levels than over the summer, and the supply/demand balance is tilted in favor of demand. The August PCE report, which reports on price changes in July, may not show a significant upswing in inflation due to its lagging nature, but the data for August will be hot when it is released next month.
The S&P 500 is falling and will likely test support at the 150-day EMA this week. The 150-day EMA is an important target for potential support and 1 that will lead to lower prices if broken. If the S&P 500 moves below the 150-day EMA it could fall 5% or more before the next support level is reached.
The critical element now is oil prices. Oil prices show support at higher levels than over the summer, and the supply/demand balance is tilted in favor of demand. The August PCE report, which reports on price changes in July, may not show a significant upswing in inflation due to its lagging nature, but the data for August will be hot when it is released next month.
The S&P 500 is falling and will likely test support at the 150-day EMA this week. The 150-day EMA is an important target for potential support and 1 that will lead to lower prices if broken. If the S&P 500 moves below the 150-day EMA it could fall 5% or more before the next support level is reached.