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[Platinum Insights] 2.27.23 the Three major indexes!
[Platinum Insights] 2.27.23 the Three major indexes!
August 21, 2023
Stock futures the three major indices were up roughly 0.5% on Monday, putting Wall Street on track to open higher as investors reassessed the outlook for monetary policy and growth. Hotter-than-expected economic data raised the prospect of interest rates staying higher for longer as the Federal Reserve fights inflation.
We now look ahead to more US economic reports, such as consumer confidence, the ISM manufacturing survey, and corporate earnings. The market movement comes after Wall Street recorded its worst weekly performance of 2023, with higher Treasury yields and dismal quarterly from several US companies keeping investors on edge.
The S&P 500 closed just under the 50-day SMA after testing support at the 200-day SMA. The next major resistance level will be at the 4000 level. The DJIA closed down over 1% on Friday moving toward it’s 200 day SMA which should provide a level of support. The next support level will be at the 50-day SMA where it is converging with downward sloping 9 & 20 period moving averages.
The Nasdaq – NDX also closed down on Friday finding support at the 200-day SMA with resistance located at the 20-day EMA. It would not be a surprise to see some price action retracement for all three of these indices as they encounter major support levels, however all of the oscillators are still in the red.
“As we head into a seasonally weak period, with bets rising that the Fed may go with a 50bps increase instead of a 25bps in March, though still a minority opinion, the short-term market risk remains to the downside despite three straight weeks of losses,” said Louis Navellier, chairman and founder of growth investing firm Navellier & Associates.
“The bears are dusting themselves off after getting sacked in January.”
Have a great day! This information is for educational purposes and is not a recommendation to buy or sell a security.
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