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[Platinum Insights] 12.22.22 Todays insights of the Martket!
[Platinum Insights] 12.22.22 Todays insights of the Martket!
August 21, 2023
Pre-market price action for the three major indices were up roughly 0.5% on Monday as investors adjusted their portfolios for a critical week that most likely will set the tone for the rest of the year.
Investors are looking ahead to the US CPI report released on Tuesday, which most likely will show that inflation slowed further to 7.3% in November. On top of that, the Federal Reserve is also set to raise rates by 50 basis points on Wednesday, following four consecutive 75 bps hikes.
The US central bank will also release quarterly forecasts for inflation, the economy, and the future path of interest rates. I’m expecting the market to trade in a sideways pattern today unless we are surprised with some unexpected news.
The S&P – SPX continues to show signs of weakness with the MACD, SS & RSI all heading south. Price action over the past several days continues trending in a bearish trend and we are trading below all of our critical SMAs except the 50 day which will most likely act as resistance.
The NASDAQ – NDX chart is similar to the SPX and has been trading in a sideways pattern for about 19 days.
The DJIA – DJI continues to trade above its 200-day SMA, however the oscillators show a probable weakening for future price action. Will we see a so-called Santa Clause Rally? This week will may give us that answer.
Have a great day! This information is being provided for educational purposes only and is not a recommendation to buy or sell a security.
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