Índice S&P 500Viés de baixa
S&P 500 about to tumble further lower?
It has been another bearish day in the markets as stocks, cryptos and other risk-sensitive assets have all dived. We are seeing repeated failure by the bulls to hold onto any gains in stocks and indices. This is a bear market. This is how it is supposed to be - especially as the economic outlook remains grim. Inflation may have eased a little bit; it is still far too high and may remain elevated for longer than expected.
Today once again we saw US markets turn lower after they had rallied into the close the day before. Since the Asian open, we have seen the markets drift back lower to the point where US indices had given up the entire gains made the day before. When Wall Street opened, we again saw a pop in risk assets before the inevitable dump that saw the indices hit new lows on the week. We also saw gold hit a new low for the year sub $1680 as rising interest rate expectations continue to weigh on zero-yielding assets.
Investors are almost certain that the Fed will tighten monetary policy by 75 basis points on Wednesday, something which could push the economy into slowdown and cause earnings to decline.
In an environment of rising interest rates around the world, traders continue to prefer selling into assets that have little or no yield, such as low-div stocks and gold.
S&P 500 looks like it is going to break below key support in the region around 3900, where we also have the 61.8% Fib support. It is likely heading to the 78.6% retracement level, and possibly even lower if the macro backdrop does not change.
At this stage we would only consider bullish trades if and when the market makes a clear bullish reversal signal on the daily time frame.
By Fawad Razaqzada on behalf of FOREX.com
Today once again we saw US markets turn lower after they had rallied into the close the day before. Since the Asian open, we have seen the markets drift back lower to the point where US indices had given up the entire gains made the day before. When Wall Street opened, we again saw a pop in risk assets before the inevitable dump that saw the indices hit new lows on the week. We also saw gold hit a new low for the year sub $1680 as rising interest rate expectations continue to weigh on zero-yielding assets.
Investors are almost certain that the Fed will tighten monetary policy by 75 basis points on Wednesday, something which could push the economy into slowdown and cause earnings to decline.
In an environment of rising interest rates around the world, traders continue to prefer selling into assets that have little or no yield, such as low-div stocks and gold.
S&P 500 looks like it is going to break below key support in the region around 3900, where we also have the 61.8% Fib support. It is likely heading to the 78.6% retracement level, and possibly even lower if the macro backdrop does not change.
At this stage we would only consider bullish trades if and when the market makes a clear bullish reversal signal on the daily time frame.
By Fawad Razaqzada on behalf of FOREX.com
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