12 days ago • Posted by Ajmir Omid
S&P500 ready for a rebound? $spy #stocks #fed #trading
This morning, futures contracts are consolidating after yesterday's brutal slump, with S&P500 futures on the rise, adding 0.7% and just a few 10 points below the technical resistance 3'700 level. Traders are closing watching the EU CPI print and will be listening to Powell's speech later this afternoon. Fed officials have shown little concern about the equity market's reaction so far. For the record, 5 of the last 7 days have seen 90% of the S&P500 stocks fall, something last seen only in 1928, suggesting we might have gotten to very extreme oversold levels.