Posted in Technical Analysis
By: Tom Gentile on August 25th, 2022 • 1 min read
The markets are anticipating what Fed Chair Powell has to say about their plans (continued or new) to combat the high inflation environment we are in and will his commentary be of the Dovish, or the more anticipated Hawkish type.
The markets have had a nice bullish run off the June lows, but that movement is anticipated by many to just ne a bear market rally. Which means, while the bulls had a nice run, the move may be over and a rollover to those June lows are expected.
It’s anticipated by those you listen to on the financial news networks that where the market goes is dependent on what we hear from the Fed Chair when he speaks at the Jackson Hole economic symposium tomorrow.
The chart above shows the SPY and we’ve highlighted the horizontal resistance line that should it be cleared to the upside would bring anticipation of the bullish run to continue.
The recent pivot low is a minor support that if broken could bring about lower prices to come.
The ascending support line is already broken to the downside which may mean the slide is already in progress.
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