Afternoon Note
By Karina Hernandez, Senior Research Analyst
8/11/2022 2:14 PM
We are digging the resolve of the market today. The spark of the CPI report stalled, and the major indices stalled.
The S&P 500 moved through the key resistance winning the battle against 4,200, hitting its best intraday high (4,257.91) since May of this year and closer to its 50-day moving average.
Nasdaq also hit another fresh intraday high since May after cooling off.
Energy is rallying following news that the IEA (International Energy Agency) raised its forecast for global oil demand growth. Devon Energy (DVN) is the energy sectors’ top performer. Today’s gains are helping the sector narrow this month’s weak performance.
Markets moving in the right direction, but keep in mind, we still have miles ahead of us before inflation normalizes.
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