S&P 500 Futures Decline Ahead of Powell's Speech
At the same time, all the positives associated with a strong Nvidia report were offset by yesterday's decline. Probably, the closer Powell's speech is (his speech at the Jackson Hole symposium, which brought together representatives of central banks, is scheduled for today 17:05 GMT + 3), the more market participants fear his hawkish rhetoric. Note that ECB President Lagarde will speak at 22:00 GMT+3.
The FT assumes that the thesis "higher for longer" will prevail in the discussions on the size of the key rate.
Bloomberg writes that for the first time since the beginning of June, retail investors prefer short positions on US stocks.
Meanwhile, the chart of the S&P 500 index shows that the price has fallen to the lower border of the parallel channel.
Bullish arguments:
→ the lower border of the channel may support the stock index;
→ the market may find support at the level of 4,340, from which rebounds were formed in June and August.
Bearish arguments:
→ Buyers' inability to sustain progress on the August 23 bullish candlestick is evidence of demand volatility. What makes the market vulnerable to bear attacks.
→ the level 4,460 (which served as support in the first half of August) is now working as resistance again.
Get ready for a surge of volatility tonight that could extend beyond the stock markets.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
The FT assumes that the thesis "higher for longer" will prevail in the discussions on the size of the key rate.
Bloomberg writes that for the first time since the beginning of June, retail investors prefer short positions on US stocks.
Meanwhile, the chart of the S&P 500 index shows that the price has fallen to the lower border of the parallel channel.
Bullish arguments:
→ the lower border of the channel may support the stock index;
→ the market may find support at the level of 4,340, from which rebounds were formed in June and August.
Bearish arguments:
→ Buyers' inability to sustain progress on the August 23 bullish candlestick is evidence of demand volatility. What makes the market vulnerable to bear attacks.
→ the level 4,460 (which served as support in the first half of August) is now working as resistance again.
Get ready for a surge of volatility tonight that could extend beyond the stock markets.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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