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S&P 500 (SPY) Rebounds As Buyers Emerge After Sell-Off

Jimmy Khan

Sep 15, 2022 14:26

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Markets Rebound From Yesterday's Sell-Off The S&P 500 advanced in the direction of 3950 as stocks recovered from yesterday's sharp decline.


Stocks received some support today from the PPI data, which revealed that PPI fell by 0.1% month-over-month in August. As long as inflationary pressure remained high, it should be highlighted that Core PPI climbed by 0.4% month over month as opposed to the analyst consensus estimate of 0.3%.


Today, 10-year Treasury rates attempted to settle over 3.80% and Treasury yields tried new highs. Trading speculation that the Fed would be obliged to hike rates quickly is driving up Treasury yields, which might eventually put more pressure on tech companies.


Leading tech stocks are now attempting to recover from yesterday's disaster. Apple is up 1%, while Tesla is up 4%. Meta continues to see significant pressure and is attempting to go below the $150 mark by reaching annual lows.


As WTI oil keeps rising, energy equities outperform other market sectors. In today's trade, Schlumberger is up 4% and Exxon Mobil is up 3%.


It should be emphasized that the comeback today is not significant. Rising Treasury rates have put significant pressure on the real estate market. The sector for basic materials is also declining. For instance, today's share price decline of 3.5% for big copper producer Freeport-McMoRan

The trading activity today demonstrates that after yesterday's sell-off, traders are still uneasy. Markets are most at risk from a hawkish Fed, therefore trading will probably remain bumpy until the Fed Interest Rate Decision is announced on September 21.

The S&P 500 Attempts To Hold Above 3950

The S&P 500 is now attempting to stabilize above the 3950-level barrier. The S&P 500 will proceed toward the next resistance level, which is at 3980, if this effort is successful. S&P 500 will be pushed toward the barrier at 4000 if it moves over this point.


On the support side, the S&P 500's closest support level is found at the most recent lows, which are 3920. S&P 500 will go toward the next support at 3900 if it is able to settle below this level. The support at 3885 may then be tested if this level is successfully tested.

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