Wall Street Strategies
Hello! Sign in or Register

Afternoon Note

Market Celebrating

By Karina Hernandez, Senior Research Analyst
8/10/2022 1:38 PM

The Street continues to react to better-than-expected inflation numbers - indices higher, yields lower, less curve inversion, and VIX is below 20.

The S&P 500 moved through the key resistance level at 4,178, and now faces a battle to hold 4,200.

ChartDescription automatically generated 

Consumer Discretionary is rebounding, and is currently the second best performing sector, recovering a bulk of yesterday’s loss. Utilities is the only decliner.

Chart, sunburst chartDescription automatically generated

The market is now pricing in a 50-basis-point rate hike in September, down from 75, according to the CME FedWatch tool.

Chart, box and whisker chartDescription automatically generated

It’s a dovish move, but not huge, as the market still believes there is a lot more work to do.

Still so many headwinds, and now maybe profit taking sets in before the week is up.

Craig Michaels on 8/10/2022 7:43:01 PM

Log In To Add Your Comment

Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.