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According to the Wall Street Journal: Spirit Airlines is preparing to file for bankruptcy again.The Dow Jones Industrial Average closed down 92.02 points, or 0.20%, to 45,544.88 on Friday, August 29; the S&P 500 closed down 41.60 points, or 0.64%, to 6,460.26 on Friday, August 29; and the Nasdaq Composite closed down 249.61 points, or 1.15%, to 21,455.55 on Friday, August 29.The Federal Reserve announced on Friday, August 30, that it had finalized new capital requirements for the largest U.S. banks following the June stress test, but added that Morgan Stanley (MS.N) is seeking a reassessment of its upcoming capital requirements. The new capital requirements will take effect on October 1 and could be updated if the Fed adopts a proposal under consideration to average the results of two years of stress tests. Based on its annual financial stress test of large banks, the Fed assesses banks performance under a hypothetical economic downturn scenario and sets their capital buffers accordingly. Morgan Stanley is requesting a reconsideration of its results, and the Fed will announce its decision by the end of September.The U.S. Commodity Futures Trading Commission (CFTC): As of the week ending August 26, stock fund speculators increased their net short position in the S&P 500 CME futures by 62,459 contracts to 428,262 contracts. Stock fund managers increased their net long position in the S&P 500 CME futures by 3,284 contracts to 867,359 contracts.U.S. Commodity Futures Trading Commission (CFTC): As of the week ending August 26, crude oil speculators increased their net short positions in WTI futures by 1,978 contracts to 13,357 contracts.

Stock Markets Continue to Pressure the Upside

Cory Russell

Aug 02, 2022 15:08

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Technical Analysis of the S&P 500

Due to the market noise that has continued throughout the trading day on Monday, the S&P 500 has slightly declined. In the end, I think this market will need to make a more significant choice given enough time. As it stands, we are getting close to the pivotal 200 day EMA, which normally indicates that we may encounter some longer-term resistance. Given this situation, I believe we have a chance to present, but for the time being we may want to take a little step back.


Right now, the 4200 level represents the true reward, and if we can break through it, the markets are quite likely to undergo a significant shift. Despite the fact that one of the governors said over the weekend that the market had gotten a little ahead of itself, they now feel that the Federal Reserve is preparing to ease its monetary policy. Markets may not always take the Federal Reserve's statements seriously since, unfortunately, they have completely lost all credibility over the last 13 years.

 

As a result, it is quite probable that the markets will attempt to rise in the future; nevertheless, you must pay special attention to the 10-year yield. It is presently declining very quickly, which has increased pressure on risk taking generally. Given this, it does make some sense that we would break out, but you need to have the bond market on your side rather than against it.

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