SPX500 Index Futures Find Buyers On the Dip -
The market breaking down below the bottom of the hammer for the session on Monday could open up fresh selling, perhaps reaching the 4300 level, followed by the 4150 level. The market continues to struggle with the idea of inflation, and what the Federal Reserve will have to do to fight it. The interest rates are going higher, so now the question is whether or not the interest rates scream higher, or if they simply gradually go higher.
The quicker the rate of change, the more likely it is to cause problems for the stock market overall. The S&P 500 has been running on liquidity for 14 years and does not necessarily have anything to do with the real economy. Because of this, the only thing that matters will be what happens with the Federal Reserve.
If a recession does, rather soon, that will continue to put negativity in this market, and thereby cause major issues. It would make a certain amount of sense to retest the bottom, so I do think that is ultimately what happens. However, if we were to take out the 4500 level on a move higher, then it is possible that we could see this market look to reach the 4600 level, and perhaps even turn the whole thing around.
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