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S&P 500 (SPY) Declines Towards 3900 As Treasury Yields Rise

Skylar Shaw

Sep 16, 2022 14:55

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S&P 500 is headed for lows in September

As Treasury rates continue to rise in advance of the Fed Interest Rate Decision, which will be announced on September 21, the S&P 500 is falling today.


As the natural gas and oil markets have seen sell-offs, energy equities have been under pressure. As a consequence, top oil companies Exxon Mobil and Chevron are trading down today by around 2%.


Top tech companies including Apple, Microsoft, Alphabet, and Amazon are all now down 1% to 2%.


Testing new lows is NVIDIA. The price of tech stocks will decline as interest rates rise.


From a broad perspective, traders continue to be concerned that the Fed's aggressive rate increases would stunt economic development. According to the FedWatch Tool, there is a 60.2% chance that the Fed's target rate, which is now between 225 and 250 bps, will increase to between 375 and 400 bps in November.


It is not unexpected to see that traders are concerned about this possibility given that aggressive rate rises might put substantial pressure on economic activity and harm company earnings.

The S&P 500 Is Prepared To Examine The Support Level At 3900

The S&P 500 managed to break through the support level at 3920 and is now attempting to test the next support level at 3900. The S&P 500 will go toward the support at the most recent lows at 3885 if it can manage to settle below this level. The S&P 500 will be pushed toward the support at 3850 if the support at 3885 is successfully tested.


The prior support level at 3920 will act as the first resistance level for the S&P 500 on the upswing. If the S&P 500 is able to hold above this point, it will go in the direction of the resistance at 3950. The next resistance level at 3980 will be tested if a move is made over the barrier at 3950.

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