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[Platinum Insights] Where the Market may be heading. (Based on charts!)

[Platinum Insights] Where the Market may be heading. (Based on charts!)
August 21, 2023

Pre-market price action tied to the blue-chip Dow and S&P 500 fell 0.3% and 0.2%, respectively, as fears mount that aggressive rate hikes by the Federal Reserve could tip the world’s largest economy into a recession.  

Equities markets have been under heavy pressure since Wednesday after the Federal Reserve reaffirmed its commitment to raise interest rates further and keep them higher for longer. Adding to the gloomy outlook was a sharper-than-expected retreat in US retail sales and manufacturing activities for November, which underscored the slowdown in the economy. 

For the week, all three major US stock indexes were down more than 1%, on track for a second consecutive weekly decline. Crude oil is also trading down this morning.   

We all know pre-market trading is not always an indicator of how the markets will trade during the regular session, With the completion of the double top pattern in the daily S&P chart (SPX), we could see price action retracement to the neckline prior to a further decline. This is not always the case, so we could just see the price action continue in its downward trend.   

The media (CNBC) is still spreading market Hopeium this morning: “They (investors) will also look for any hints on future Fed policy from speakers John Williams, Michelle Bowman and Mary Daly. Investors are trying to gauge the pace of future rate hikes and the central bank’s view of the economy.” I believe Jat Powell was more than clear on future FED moves.  

The NASDAQ – NDX closed below its 50-day SMA yesterday and the DJIA – DJI is only 2% above the 200-day SMA and trending down. At the moment, the Bears have control of market with 2 weeks left in 2022. 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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