Traders Brace for S&P 500 Free Fall as Chart Supports Crumble

yahoo news ^ | September 23, 2022 at 10:19 AM | Vildana Hajric and Peyton Forte

[Presbyterian Reporter]

The S&P 500 fell as much as 1.9% on Friday, bringing its rout in the week past 4.5%. The index already closed below the closely watched level of 3,800 this week, leaving the June bear-market low of 3,666 as the next line of support on technical charts.

The UK government unveiled a sweeping tax-cut plan that crashed the pound and the nation’s bonds as investors fretted over the stimulative effects with inflation running rampant. That soured an already tart mood for risk assets around the world. The S&P 500 plunged 1.7% as of 10:09 a.m. in New York, and traders who watch charts for signs of where the drop might ease are bracing for the worst.

“The technicals have fallen out of bed,” Art Hogan, chief market strategist at B. Riley, said in a phone call. “Losing 3,800 now brings the June lows into line of sight, so that has people waiting for that to happen.”

[bankwalker]

“Free fall” - these 2 yahoo reporters with the funny names have a different definition than me I guess ...

[C210N]

Here’s hoping Jerry gets COVID today.

[Deo volente]

Dow:
29,592.65
-484.03 (-1.61%)
As of 11:37AM EDT. Market open.

52-week low

[gw-ington]

“The technicals have fallen out of bed,” Art Hogan, chief market strategist at B. Riley, said in a phone call. “Losing 3,800 now brings the June lows into line of sight, so that has people waiting for that to happen.”

LOL! It's real simple: A horrific bear market that keeps plunging. (What else do you expect from the senile Sleepy Joe puppet?) His handlers foolishly put their senile Sleepy Joe puppet on "60 Minutes" last week. Even the far-left CBS "60 Minutes" reporter Scott Pelley had no choice but to finally ask Sleepy Joe about stubbornly high 8.3% inflation -- worst inflation in 40 years -- especially targeting average Americans' wallets, day after day.

Clueless Sleepy Joe mindlessly responded (paraphrase): Scott, you make it sound like inflation suddenly jumped to its sky-high level this month! But inflation's been sky-high for over a year, so don't make it sound like it suddenly jumped up! (Pelley only asked about 8.3% inflation, said nothing about a "sudden jump.") So Sleepy Joe remains the most clueless twit, by far, to ever sit in the Oval Office. Makes Jimmy Carter in comparison seem like Einstein+Newton rolled into one.

There's literally no possible way that the senile Sleepy Joe puppet legitimately "beat" the hugely successful & hugely popular President Trump in 2020 ... unless that election was stolen. So then how did the senile Sleepy Joe puppet somehow survive his debate against President Trump? Easy - by having his tag-team teammate, the far-left Chris Wallace from Fox News constantly interrupt and cut off President Trump to repeatedly save Sleepy Joe each time the senile puppet was about to drown. Wallace even allowed Sleepy Joe to call President Trump a "clown" on that internationally televised U.S. Presidential debate - instead of reprimanding Sleepy Joe, Wallace simply smirked. Then, as predicted, the far-left Chris Wallace immediately left Fox News to happily join CNN (Clinton News Network). The far-left is way too predictable.

[Deo volente]

Dow continuing to fall, down 511 now.

Oil, gold, silver, all plunging.

[Starboard]

Powell can reverse that if he really wants to. Controlled fall don’t you know.

He’s in the public a lot this week so doubt he’ll be OK with a significant drop that he could be blamed for. We’ll see.

[Jeff Chandler]

Beat me to it.

[Deo volente]

The S&P is still 50 points above its 52-week low. If that goes, then look out below.

[Alberta's Child]

You post that same thing on so many FR threads. It seems like you’ve made some like financial decisions, and maybe you’ve limited your ability to recover from them.

Fixed-income funds should be giving you higher dividends as interest rates rise. You should be happy with that. One of the only ways to lose in the long run is if you bought into these funds when interest rates were very low — which meant the prices on those bonds was very high. That’s like buying Ford or ExxonMobil or McDonald’s stock when it is priced at its highest point ever.

[lodi90]

We are determined to get into WWIII, so I imagine it can go a lot lower.

---

Yep. Biden partnering with Putin on a new Iran deal is definitely not good news. President Trump’s excellent middle east policies are in danger.

[Alberta's Child]

Sorry — correction on that. It seems like you’ve made some BAD financial decisions …

[Dan in Wichita]

All this horrible economic news, and yet nearly half the voters in this country are yelling “Give us more Democrats!!” Really sick stuff.

[spokeshave]

-600 and dropping

[Vaden]

Actually, it is Russia and China’s neocolonialist expansionism that are now the aggressors.

Cowering in a corner and allowing bullies to strike and strike and strike while doing nothing usually doesn’t stop them.

[Dan in Wichita]

-600 and dropping.

Haven't you heard it's the fault of Putin and Trump? That's the official Establishment line.

[Starboard]

Sell off continuing. Powell and company speaking at 2pm ET. This will be a most interesting event.

[PGR88]

Actually, it is Russia and China’s neocolonialist expansionism that are now the aggressors.

Not that I support China, but what exactly is "neocolonialist expansion" and where is China doing it?

[BenLurkin]

The problem isn’t that they are low information voters. The problem is they are wrong information voters.

[Colinsky]

Everyone has talked about the existence of a Plunge Protection Team for a long time. I for one have never doubted it but I also assume that it doesn’t take a plunge to initiate a Fed response to various other market disturbances and conditions.

The President's Working Group on Financial Markets, known colloquially as the Plunge Protection Team, or "(PPT)" was created by Executive Order 12631,[1] signed on March 18, 1988, by United States President Ronald Reagan.

https://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets

[Presbyterian Reporter]

FEDEX was in the news last week.

FDX is an example of the carnage in the stock market in 2022.

FDX has lost almost 50% in 2022

52 Week Range
148.50
09/23/2022
266.79
01/05/202