By: Tom Gentile
on August 26th, 2022
We have an Answer About what Fed Chair Powell and the Fed Could do to Our Stock Market
Now a Brief Word from our Fed Chair
We are not going to dissect the minimal, but impactful commentary from Fed Chair Powell as there is a ton of this after the commentary and what it means to the markets talk being aired on the financial networks,
And if you missed it, they will be rebroadcasting it, there is much written and to be found on the internet and by now there is a great deal of video that’s been recorded and can be found online as well.
A key takeaway for us is that regardless of everything else that is going on both in our country and abroad financially speaking the Fed seems to have as their top three concerns is inflation, inflation, and inflation
Also note, that Powell used the term, ‘Pain’ in his commentary as in (and we paraphrase here) we will continue to combat inflation and do what we can with the means we have and that could cause some pain in the process.
How much Pain is Coming Our Way in the Financial Markets?
Figure 2 is a 60-day candlestick chart on the SPY with the Fibonacci Retracement tool added on.
The three primary retracement zones (note 50% is not a Fib number, but it is so widely used it is usually included on Fibonacci tools in many software programs) are highlighted by the orange/yellow box.
The 38.2% retracement zone was hit today. This may become a support, but if not the next two price zones lower could be considered areas of support going forward.
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