Sep 29, 2022, 08:00AM+7:00

VOT Research Desk

Analytical Viewpoint

From a technical perspective, the S&P 500 recovered from a crucial support area near 3660 after hitting record lows for the year yesterday.

But with the quarter coming to a finish, there are a lot of resistance levels that bulls must overcome.

 Bulls will have their job cut out for them unless the Federal Reserve changes its stance, as the US central bank has promised to keep raising rates until inflation is under control.

Also take note that the season for corporate results will start in October. It will be interesting to examine how corporations have been impacted by rising interest rates. The top levels to watch are 3766, 3802, and finally 3847.

The bears come back into focus if 3660 is broken and closed below; further support is found at 3639 and 3613.

Sep 28, 2022, 09:00AM+7:00

VOT Research Desk

Analytical Viewpoint

Daily Pivots: (S1) 3634.81; (P) 3646.80; (R1) 3666.00;

The S&P set a new annual low. Investors’ willingness to take on risk has been on edge as tightening financial conditions brought on by rising inflation are causing an economic slump, which would suggest weak fundamentals for stocks.

Technically, the market is currently trading around 3655 after setting a new bottom for the year yesterday.

Bears were able to push above the critical support level of 3660. Given that the fundamentals have not altered, any upward movement may be constrained. If volatility increases, a closing below 3639 may signal a further down toward 3540.

Sep 22, 2022 9:00AM +07:00

VOT Research Desk

Technical Examination:

Daily Pivots: (S1) 3834.64; (P) 3853.16; (R1) 3871.68;

S&P 500 futures (ES) sit finely poised ahead of this afternoon’s FOMC policy decision, with resistance at 3900 limiting upside so far. In a previous note, I had indicated that price may remain range bound between 3854 and fib resistance at 3902, which has played out nicely over the last few sessions.

Given the significance of today’s risk event, ES may be prone to violent swings in the run up to 2 PM EST and the subsequent hours after.

A dovish Powell could pump ES back up to trend line resistance, and if broken, potentially the key 3980 level. However, downside price action could usher in a flush to massive fib support at 3800 in the coming sessions.

The stage is yours, Chair Powell.

 Sep 16, 2022 11:07AM GMT-4:00

VOT Research Desk

Pivot Points