S&P500 NEWS AND TECHNICAL ANALYSIS
S&P 500 continues to decline as rising Treasury yields dampen technology
The S&P 500 slipped further Monday, as rising Treasury yields continued to keep tech in the firing line just as worries about a Federal Reserve-fuelled recession persist.
The S&P 500 fell 1.2%
Meta Platforms (NASDAQ: META) Led the drop in big tech, falling more than 3% after landing in regulatory trouble.
The European Union charged Meta with antitrust violations for limiting competition in the markets for online classified ads. If found guilty, Meta faces a fine of up to $11.8 billion.
Sentiment on tech was also soured by an ongoing rise in Treasury yields as investors priced in higher for longer interest rates following the Fed’s rate hike and messaging of higher for longer rates.
Alphabet Inc (NASDAQ: GOOGL), Apple Inc (NASDAQ: AAPL) And Microsoft Corporation (NASDAQ: MSFT) Were down about 2% adding to their losses from a week earlier.
Consumer discretionary was dragged lower by casino and travel stocks as China faces a fresh wave of COVID after recently abandoning its zero-COVID policy and lifting restrictions.
Caesars Entertainment Corporation (NASDAQ: CZR), MGM Resorts International (NYSE: MGM), and Wynn Resorts Limited (NASDAQ: WYNN) Were down sharply, with latter shedding about 6%.
S&P 500 TECHNICAL ANALYSIS
S&P 500 is currently trading in up channel.
S&P 500 is currently trading Below all SMA
RSI is in selling zone which suggests bearishness and Stochastic is suggesting down trend.
S&P 500 immediate resistance is at 3854.31 & its immediate support level is 3803.20
HOW TO TRADE S&P 500 INDEX IN THIS WEEK
S&P 500 is moving in up channel; but it has formed reversal pattern it can continue to trade down side for short period of time.