Technical Analysis

US stocks set for a flat open

S&P 500 futures are now flat ahead of the open. The risk mood improved after the poor Empire Fed survey tilted the market further towards the belief the Fed won’t hike rates beyond 5% and could be cutting before year end.

In terms of bellwethers, Whirlpool Corp is down 2% in the premarket after pre-releasing disappointing earnings and revenues down 10% y/y (and that’s not adjusted for inflation). The company sees flat earnings in 2023 as well.

In terms of the S&P 500, it’s fighting to stay above the 200-day moving average and to challenge the medium-term downtrend.

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