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S&P 500 (SPY) Set For A Sell-Off After Shocking Inflation Data

Alice Wang

Sep 14, 2022 14:24

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Pressure on Stocks Increased by Inflation Data

In premarket trade after the publication of US inflation statistics, S&P 500 futures are down 2.4%.


In August, the inflation rate rose by 8.3% year over year, according to the data, against the consensus estimate of 8.1% among analysts. Analysts had predicted a 0.3% rise, but the Core Inflation Rate increased by 0.6% month over month.


Since many traders thought that reduced oil prices would increase pressure on inflation, the markets were stunned by the inflation statistics. The approaching Fed meeting's anticipations have drastically shifted. According to the FedWatch Tool, there is a 90% chance that rates will go up by 75 basis points at the next meeting, and a 10% chance that rates would go up by a startling 100 basis points.


Unsurprisingly, the U.S. dollar increased after the publication of inflation statistics. The level of Treasury yields increased. At the moment, the yield on 2-year Treasuries is attempting to rise beyond the 3.70% mark.


In today's trade, tech stocks will face significant pressure from increasing Treasury rates and higher inflation. Apple, Microsoft, Alphabet, and Amazon are among the top tech companies with premarket trading losses of between 2 and 3%.


Given that the S&P 500 saw a significant increase in recent trading sessions, the sell-off may be widespread today. It is unclear if any market section will get support from investors.

The S&P 500 Futures Index Dropped Below The 50 EMA

S&P 500 futures have successfully descended below the 50 EMA at 4050 and are now heading in the direction of support around 4015. If S&P 500 is able to go below this mark, it will move toward the next support level, which is at 4000. S&P 500 will be pushed into the support at 3980 if this level is moved below.


In order for the S&P 500 to have a chance of gaining upward momentum in the near future, it must get back above the 50 EMA. The S&P 500's subsequent resistance level is at 4080. If the S&P 500 returns to being above this point, it will move in the direction of the resistance at 4100.

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