Equity markets advanced on Friday, shrugging off comments from Jerome Powell. Mr. Powell, in his keynote address to the Jackson Hole conference, made it clear the fight against inflation wasn't finished and that there was a long way to go to get the job done. Among the risks is energy, which has been misleading investors. The decline in consumer-level inflation is pegged to the price of oil, which is rising again. WTI gained more than 1.5% following the news to confirm support at the long-term moving average.

The S&P 500 could be ready to rebound, but don't bet on a big move just yet. The index continues to show resistance below the short-term moving average that could push the market lower over the next week. Among the catalysts is the PCE price index, due on Thursday. The index is expected to confirm that inflation remains above target and that the Fed could raise rates at least 1 more time this year.