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Afternoon Note

A September to Remember

By Karina Hernandez, Senior Research Analyst
9/22/2022 1:51 PM

There is a lot of tension beneath the surface, and the tug of war between bulls and bears has a solid winner -the latter. Selling pressure remains intact after the change in Fed projections.

Seeing strong reaction in the S&P 500, which is now below the July open, and is erasing all the gains from Q3. We had a ton of new information thrown at us, we are going to need fresh sellers or bulls capitulating to set the sentiment, which for now is very bearish.

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Four sectors are in the green today, led by Health Care and Energy. Consumer Discretionary is the worst performer driven by losses from casinos and travel stocks.

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The dollar remains stronger, and that is worrisome news for the market.

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All about Fedex (FDX)

Shipping giant FedEx (FDX) reports after the bell today and the Street is ready hear more about the global slowdown the company cited last week.

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We believe the market is oversold, but it continues to be vulnerable.


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