Technical Analysis

US equities sink late to cap a tough week

SPX weekly

It was a tough one for US equities this week and it ended on a soft note after a back-and-forth session. Today’s hot PPI number and better UMich sentiment raised some questions about whether Fed hikes are working enough to cool inflation and whether Powell could take a hawkish stand next week. I think he’s instead going to push the idea that the Fed will hold rates high for longer rather than the U-turn that’s priced into Fed funds.

In any case, expect some even bigger moves next week.

On the day:

  • S&P 500 -0.75%
  • Nasdaq -0.7%
  • Russell 2000 -1.0%

On the week:

  • S&P 500 -3.4%
  • Nasdaq -4.0%
  • Russell 2000 -4.9%

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