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Afternoon Note

Early Bounce Faded

By Karina Hernandez, Senior Research Analyst
6/28/2022 2:05 PM

The major indices pulled back after the opening bell, as investors remains on edge over geopolitical and recession concerns. Disappointing economic data added fire for the bears. The Street is also looking forward to tomorrow’s presentation on Central Banking given by European Central Bank President Christine Lagarde, Fed Chair Jerome Powell and Bank of England’s Governor Andrew Bailey at the ECB’s 2022 Forum on Central Banking.

The S&P 500 is seeing support holding at the prior gap and resistance at 3,944. A break below 3,877 opens the door for a move down to 3,830.


Energy is the sole winner while Consumer Discretionary is the weakest. All six mega caps stocks are down.

S&P 500 Index



Communication Services XLC



Consumer Discretionary XLY



Consumer Staples XLP



Energy XLE



Financials XLF



Health Care XLV



Industrials XLI



Materials XLB



Real Estate XLRE



Technology XLK



Utilities XLU




The Conference Board’s consumer confidence index for June fell to 98.7, its lowest level since February 2021, as expectations continue to decline.

Richmond Fed manufacturing and new orders indexes collapsed in June, and are now at recession levels.

 Graphical user interface, timelineDescription automatically generated


consumer discretionary yikes!

Pat Pedley on 6/28/2022 9:19:11 PM

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