S&P 500 (SPY) Rebounds Towards The 4,150 Level

In Advance Of The Jackson Hole Symposium, The S&P 500 Advances

As traders snatched up shares after the recent sharp sell-off, the S&P 500 gained some ground and surged closer to the 4,150 mark. The recovery was widespread, and today's trading saw gains across the board.

The size of the upward movement draws attention to the technical aspects of this recovery. The action was not specifically sparked by anything.

Because traders were hesitant to make significant trades before the Jackson Hole Symposium, which begins tomorrow, the bounce was not robust.

Markets will be significantly impacted by the news from Jackson Hole, so traders should brace themselves for volatility in the week's remaining trading sessions.

Technically speaking, the 20 EMA, which continues to be a strong resistance level, has prevented the S&P 500 from settling above it once again. For the S&P 500 to have a chance to develop steady upward momentum, it must get above this level.

On the support side, the S&P 500 should find its strongest support near the 50 EMA at 4080. A move below this level will indicate that a potential new downward trend for the S&P 500 is about to begin.

Energy stocks continue to perform well as WTI oil reaches new highs.

Leading energy equities including Exxon Mobil and Chevron benefited as WTI oil recovered from session lows and renewed upward momentum.

Following the company's announcement that it will begin selling goods, clothes, and accessories in Amazon's American shops, Peloton shares increased 20% today. The stock will continue to be volatile tomorrow since Peloton is expected to release results on August 25 before the market opens.

The share price of Bed Bath & Beyond increased by 18% after a WSJ story said that it had closed a financing transaction. Following this stock's quick climb to the $30 level and subsequent retreat into the $8.50 level, many traders are now underwater, and they may take advantage of the bounce to exit their holdings. Therefore, it is uncertain if Bed Bath & Beyond will be able to build on its recent upward momentum in the next trading sessions.

Nordstrom stock was among the losers, falling 20% after the firm delivered a dismal quarterly report and cut its expectations.

In general, the day was quite uneventful. When traders respond to the initial Jackson Hole news tomorrow, the market's behavior is likely to shift.