Jerome Powell Market Shocker, Senate Testimony, Inflation Rate, Interest Rate, Rate Hikes, Fed Rate
Channel: DanMarket Investor Channel (DanMarketL)
Date: 2023-03-08

Fed chair Jerome Powell testified today before the Senate Banking Committee.  What he said was certainly not good for the market.  SPY fell from 404 at market open to 398 today.  When we look at the SPY chart, we can see that it dropped below the 200EMA of 399.  It’s now at the 50EMA.  The next level of support will be 394 at the support trend line. The next level of possible support will be 388, then 377.  I believe the market will continue to be bearish until the MoM CPI PPI and PCE rates are less than 0.3%.  Once the inflation numbers are low enough, the market will anticipate the Fed to stop raising rates.  That’s when the market will recover.

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