S&P 500 Analysis for Wednesday: April 17, 2024

Hey Trader,

Finding Strength and Healing in Times of Trading Struggles

In the unpredictable world of trading, we often face challenges that can leave us feeling weary and uncertain. Yet, in moments of difficulty, there is solace to be found in the wisdom of scripture, such as James 5:14-15:

"Is anyone among you sick? Let them call the elders of the church to pray over them and anoint them with oil in the name of the Lord. And the prayer offered in faith will make the sick person well; the Lord will raise them up. If they have sinned, they will be forgiven." - James 5:14-15

These verses remind us of the power of faith and community in overcoming adversity. Just as prayer and faith can bring healing to the sick, so too can they bring strength and resilience to traders facing challenges in the markets.

In times of struggle, let us not hesitate to seek support from those around us and to turn to the Lord in prayer. With faith as our guide, we can find comfort in knowing that we are not alone in our journey, and that there is hope for healing and renewal.

May James 5:14-15 serve as a source of encouragement and inspiration as you navigate the ups and downs of trading. Remember, with faith and perseverance, you can overcome any obstacle that comes your way.

Wishing you strength, healing, and profitable trades!

Be Relentless In Pursuit Of The Will 

Which God Has Set Upon Your Heart,

Anthony Speciale

Fed Chair Powell says there has been a ‘lack of further progress’

Fed Chair Powell recently addressed the current state of the U.S. economy, emphasizing the ongoing challenge of reaching the central bank's inflation goal. Despite solid growth and strength in the labor market, Powell noted a lack of progress towards the 2% inflation target.

Maintaining the current level of policy appears to be the likely course until inflation moves closer to the desired target. Since July 2023, the Fed has maintained its benchmark interest rate between 5.25%-5.5%, resulting from 11 consecutive rate hikes starting in March 2022.

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Despite higher-than-expected inflation data in the first three months of 2023, recent indicators show inflation running at a 3.5% annual rate. Treasury yields reacted to Powell's remarks, with the benchmark 2-year note briefly topping 5%.

Powell highlighted the Fed's preferred inflation gauge, the personal consumption expenditures price index, which showed core inflation at 2.8% in February and has remained relatively stable in recent months.

Market expectations for rate cuts have shifted, with traders initially pricing in six or seven cuts starting in March 2024. However, recent data suggest a more cautious approach, with expectations now leaning towards one or two cuts, possibly starting in September.

The Fed's stance remains data-dependent, with policymakers emphasizing the need for greater confidence in sustainable inflation progress before considering policy adjustments.

S&P 500 Analysis for Wednesday: April 17, 2024

In today's market landscape, navigating through the complexities of trading requires a keen understanding of technical analysis. Let's delve into some insights to help you chart your course through the ups and downs of the market.

5130.25 can contain session strength, below which targeted 5022.50 - 5071.00 region is likely within the week and able to contain selling through the balance of the year.

A daily settlement below 5022.50 signals 4870.75 within 3 - 5 days, with a weekly settlement Friday below 5071.00 indicating 4634.50 over the next 3 - 5 weeks.

Closing above 5130.25 indicates a good weekly low, 5246.25 then likely within several days, able to contain buying into next week and the point to settle above for indicating a good April low has been placed.

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As you navigate through the market, remember the importance of technical analysis in identifying key levels and potential market movements. Stay vigilant, adapt to changing conditions, and use these insights to make informed trading decisions.

Happy Trading,

Speciale Analysis