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Stocks Fall Then Rise Ahead Of Powell

By Michael KramerStock MarketsAug 17, 2021 01:25AM ET
www.investing.com/analysis/stocks-fall-then-rise-ahead-of-powell-200599054
Stocks Fall Then Rise Ahead Of Powell
By Michael Kramer   |  Aug 17, 2021 01:25AM ET
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The market fell early on Monday, and then snapped back by day’s end to close the day higher, with the S&P 500 finishing the day up by 25 bps, while the Qs finished the day flat.

Overall, it really was a very confusing day as many parts of the market were weak with oil and rates down, following the weaker than expected China economic data overnight. While the bond and oil market seemed to be sending warnings about slowing growth, the equity market didn't seem concerned at all.

It probably isn’t worth thinking about yesterday's price action because it is likely to change today after Powell has his Q&A town hall. It really does seem like the perfect setting for him to hint at what he might say at Jackson Hole next week. One would think there is enough evidence to support a Fed tapering process starting sometime this fall.

S&P 500

The S&P 500 managed to climb to and test the upper end of the trading channel Monday at 4,475, after falling slightly below the uptrend. This has been the upper end of the trading range since late April; how much longer that will remain the case is yet to be determined.

S&P 500 Index 1-Hr Chart
S&P 500 Index 1-Hr Chart

NASDAQ

On the other hand, the Invesco QQQ Trust (NASDAQ:QQQ)s have been range-bound since the middle of July, so nearly a month. I still expect to see lower prices in the Qs in the weeks ahead.

QQQ 1-Hr Chart
QQQ 1-Hr Chart

Moderna

Moderna (NASDAQ:MRNA) fell to $349 Monday, and that will mark the end of us talking about this one for some time again. It can still fall further, but for my purposes, I’m done.

Moderna Inc. Daily Chart
Moderna Inc. Daily Chart

Amazon

Amazon.com (NASDAQ:AMZN) fell sharply to start the day and then rallied back. The stock managed to close the gap at $3,200 and then snapped back to $3,300. Given the stock got to $3,200, it is probably best to see what happens from here.

Amazon Inc. Daily Chart
Amazon Inc. Daily Chart

UPS

United Parcel Service (NYSE:UPS) stabilized around the $190 level, and with a gap to fill around $210, a rebound could be for a little bit.

UPS Inc. 1-Hr Chart
UPS Inc. 1-Hr Chart

FedEx

FedEx Corporation (NYSE:FDX) seemed to be on the same path with a gap to fill up to $297.

Fedex Corp 1-Hr Chart
Fedex Corp 1-Hr Chart

Original Post

Stocks Fall Then Rise Ahead Of Powell
 

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Stocks Fall Then Rise Ahead Of Powell

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Steven Collar
Steven Collar Aug 17, 2021 7:04AM ET
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