Key Levels for the SPX As We End the Week
There appears to be no letdown in the selling of US equities just at the moment. The SPX put in another red day and finished weak, down around 1.6%.
The key 2500 appears to have cracked for now and we will need to wait and see how price responds in the final trading day of the week and for many the final trading day of the year.
There are still concerns around the state of the economy and future growth on the back of another interest rate hike. The FOMC speakers were doing the rounds suggesting that Powell has simply been making the tough calls. Calls his predecessors were to afraid to make.
It also looks like we are setting up for a potential Government shutdown, but I feel the shutdown headlines don’t have the impact they once did.
Technical Outlook
The SPX has cracked 2500 support and that will now become resistance.
2400 to 2420 are the areas of interest now and the ones that might finally offer up some support.
Given it is the end of the week, there is some chance of a bit of a dump as investors lighten up. So anything could really happen here today.
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