S&P 500 Index Technical Analysis & Trade Signal – 16 September 2022
16 Sep 2022
S&P 500: NEWS & TECHNICAL Analysis
S&P 500 futures drop after FedEx stokes fears about economy
S&P 500 futures fell on Thursday, suggesting traders expect Wall Street to open down in its next session, after FedEx (NYSE:FDX) withdrew its financial forecast and added to worries about a slowing global economy.
After trading resumed following a daily maintenance period, S&P 500 e-mini futures fell 0.6%. Nasdaq futures dropped 0.7%.
FedEx tumbled 16% late in the day after the company said its fiscal first-quarter results were hit by global volume softness and it withdrew its financial forecast, saying it expected further deterioration of business conditions.
That warning hit shares of other delivery companies, as well as retailers. United Parcel Service (NYSE:UPS) dropped 5.7% in extended trading, while Amazon (NASDAQ:AMZN) fell 1.8 and Target (NYSE:TGT) dipped nearly 2%.
Thursday’s late-day broadside to investor sentiment comes at a sensitive time for Wall Street. During the regular trading session, the S&P 500 dropped 1.1% as a raft of economic data failed to alter the expected course of aggressive tightening by the Federal Reserve amid growing warnings of global recession.
S&P 500 Technical Analysis: Daily Chart
In the daily charts, S&P 500 is trading in down channel. S&P 500 is currently trading below all SMA.
RSI is in selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 3832.13 & the resistance level is at 3911.98.S&P 500 INDEX will trade in down channel until there is trend reversal.
How to Trade S&P 500 INDEX this Week:
S&P 500 INDEX will follow the downtrend until their trend reversal. So, remain bearish on S&P 500 INDEX.