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S&P 500: Will the Selloff Continue?

By Sunshine Profits (Paul Rejczak)Stock MarketsSep 28, 2023 09:34AM ET

www.investing.com/analysis/sp-500-will-the-selloff-continue-200642244

By Sunshine Profits (Paul Rejczak) | Sep 28, 2023 09:34AM ET

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S&P 500 bounced from a new low yesterday, but was it a bottom?

The S&P 500 index gained 0.02% on Wednesday, as it went sideways following an intraday rebound from a new medium-term low of 4,238.63. The market continued its sell-off after last Wednesday’s FOMC monetary policy release. Yesterday the index went the lowest since early June. There’s still a lot of uncertainty about monetary policy and economic growth.

Stocks are expected to open 0.2% lower this morning, so the S&P 500 will fluctuate following its recent sell-off. It retraced more of the May-July rally yesterday as we can see on the daily chart:

SPX-Daily Chart

Futures Contract Is Above 4,300

Let’s take a look at the hourly chart of the S&P 500 futures contract. This morning it’s fluctuating after yesterday’s intraday rebound. The support level is at 4,280-4,300 and the resistance level is at 4,340-4,350.

S&P 500 Futures-1-Hour Chart

Conclusion

The S&P 500 extended its sell-off once again yesterday and today it will likely open slightly lower. For now, it looks like a consolidation within a downtrend.

Investors’ sentiment worsened following the FOMC Press Conference last week. Recently it was improving as the pressure for further monetary policy tightening somewhat was easing. But stocks retraced their late August rally after bouncing off their mid-July local low resistance level. There have been no confirmed positive signals so far. However, the market may see a bounce at some point.

Here’s the breakdown:

Stocks extended their downtrend yesterday as investors’ sentiment remained bearish after last week’s Fed.
The S&P 500 broke below the 4,300, but it may fluctuate or rebound at some point.
In my opinion, the short-term outlook is still bullish.

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1D1W1M6M1Y5YMax

US 30	36,144.0	+19.4	+0.05%
US 500	4,566.4	-0.8	-0.02%
Dow Jones	36,142.08	+17.52	+0.05%
S&P 500	4,566.32	-0.86	-0.02%
Nasdaq	14,239.30	+9.39	+0.07%
S&P 500 VIX	12.84	-0.01	-0.08%
Dollar Index	103.915	-0.080	-0.08%

Crude Oil WTI	69.69	-2.63	-3.64%
Brent Oil	74.75	-2.45	-3.17%
Natural Gas	2.579	-0.131	-4.83%
Gold	2,045.15	+8.85	+0.43%
Silver	24.247	-0.299	-1.22%
Copper	3.7358	-0.0482	-1.27%
US Soybeans	1,298.75	-7.25	-0.56%

U.S. 10Y	4.114	-0.057	-1.38%
U.S. 30Y	4.217	-0.089	-2.07%
U.S. 5Y	4.117	-0.021	-0.50%
U.S. 3M	5.407	-0.000	-0.01%
US 10Y T-Note	111.19	+0.27	+0.24%
Euro Bund	135.47	+0.58	+0.43%
10-2 Yield Spread	-41.37	-3.31	8.70%

Apple	192.88	-0.54	-0.28%
Alphabet A	130.75	-0.23	-0.18%
Tesla	245.15	+6.43	+2.69%
Amazon.com	145.92	-0.96	-0.66%
Netflix	450.65	-4.50	-0.99%
Meta Platforms	320.01	+1.72	+0.54%
Bank of America	30.96	+0.38	+1.24%

	Interest Rates	Next Meeting
FED	5.50%	Dec 13, 2023
ECB	4.50%	Dec 14, 2023
BOE	5.25%	Dec 14, 2023
SNB	1.75%	Dec 14, 2023
RBA	4.35%	Jan 02, 2024
BOC	5.00%	Dec 06, 2023
RBNZ	5.50%	Feb 28, 2024
BOJ	-0.10%	Dec 19, 2023
CBR	15.00%	Dec 15, 2023
RBI	6.50%	Dec 08, 2023
PBOC	3.45%
BCB	12.25%	Dec 13, 2023

S&P 500: Will the Selloff Continue?

Futures Contract Is Above 4,300

Conclusion

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