US Stock Market is crashing!
After all the up move driven by corporate earning season and decreasing fears of a near recession hopping that the Fed will slow down the pace on increasing interest rates soon, it seems that it was just a bullish correction inside a major bear market.
I can not see any positive fundamental news that may indicate a possibility that the market had reached a bottom, especially after two consecutive quarters of negative GDP and a tight monetary policy aiming for an economic slowdown and zero intensions to stimulate growth.
Latest update came in yesterday (26/8/2022) after Fed Chair Powell speech during the Jackson hall symposium signaling that more interest rate hikes are coming. This caused almost 4% decrease in the S&P500 index in few hours.
From a technical perspective, S&P500 moved down after breaking the rising wedge mentioned at 4H chart, which is a bearish continuation pattern, and with the beginning of the wedge being a target, I am expecting further down pressure targeting mid-June lows and maybe creating new lows on the long run.
I can not see any positive fundamental news that may indicate a possibility that the market had reached a bottom, especially after two consecutive quarters of negative GDP and a tight monetary policy aiming for an economic slowdown and zero intensions to stimulate growth.
Latest update came in yesterday (26/8/2022) after Fed Chair Powell speech during the Jackson hall symposium signaling that more interest rate hikes are coming. This caused almost 4% decrease in the S&P500 index in few hours.
From a technical perspective, S&P500 moved down after breaking the rising wedge mentioned at 4H chart, which is a bearish continuation pattern, and with the beginning of the wedge being a target, I am expecting further down pressure targeting mid-June lows and maybe creating new lows on the long run.
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