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S&P 500 Price Update: US Equities Sell-off Ahead of Jackson hole, PCE Data


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This Wall Street firm is sticking to its S&P 500 price target. Here's why  it says a correction is overdue. - MarketWatch

Aug 22, 2022 | DailyFX
Richard Snow, Analyst

S&P 500 (SPX) NEWS AND ANALYSIS

  • The S&P 500 E-Mini Futures trade lower ahead of the US open
  • Dollar strength and a determined Fed weigh on risk appetite
  • Jackson Hole (pseudo Fed meeting) and PCE data likely to attract attention

S&P 500 CONTINUES LOWER AFTER USD REJUVENATION

At the start of the week we have seen some risk aversion as German and US equity indices turn lower, continuing the decline from last week. After breaking above the rising pitchfork, the S&P 500 met some stern resistance ahead of the zone of resistance (circled in red) – which includes the descending trendline and the 61.8% Fib retracement of the 2022 move at 4361.50.

After showing signs of bullish exhaustion, equities sold off as prominent members of the Fed (Bullard, Daly, George, Kashkari) reaffirmed their appetite for continued rate hikes.

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