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S&P 500 (SPY) Rallies Amid A Global Market Rebound

Jimmy Khan

Oct 18, 2022 16:13

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Stocks Rise Following a Drop

As the UK's economic strategy was reversed, the S&P 500 increased in value. Previously, traders were concerned that the UK's spending plans would cause UK government bond rates to reach unacceptably high levels and trigger a larger financial crisis.


After UK finance minister Hunt indicated that plans for tax cuts were cancelled and that energy subsidies would be reduced, it should not come as a surprise that UK government bonds increased in value.


The global bond markets received strong support from the UK government bond rally, as Treasury rates deviated from recent highs. Treasury yields' decline was positive for stocks.


The current rise is widespread, and all market categories are rising. Among the top gainers in today's trading session are Tesla, Netflix, Amazon, NVIDIA, and Meta.


The bank stocks continued to rise from their annual lows as a result of Bank of America's good earnings report.


From a broad perspective, traders seem prepared to purchase the whole market. There seems to be a "critical mass" of market players who think that the S&P 500 is about to begin a significant uptrend and that the bottom was already reached at the 3500 level.

S&P 500 Examines 3675 as Resistance

Technically speaking, the S&P 500 recently tried to settle below the 3500 level, but it quickly gathered impetus to the upside and settled above the key support at 3585.


S&P 500 is now attempting to overcome resistance at 3675. The S&P 500 will advance toward the next resistance level, which is close to the 20 EMA at 3700, if this test is successful. The resistance at 3730 will be tested if a move over the 20 EMA occurs. If the S&P 500 moves beyond this point, it will go in the direction of the resistance at 3760.


The prior resistance level of 3640 will act as the S&P 500's first support level on the support side. A decline below 3640 will allow for a test of support at 3615. If the S&P 500 drops below support at 3615, it will move in the direction of support at 3585.

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