Stocks Rally Expecting A Fed Pivot

Oct 4, 2022

The S&P 500 rallied off of increased confidence that the Fed will pivot their pervasively hawkish stance. This is likely to be transient and the market was due for a relief rally, anyway. We are currently testing a dense patch of levels in the 3740's, and will face significant resistance here. If we can break through, then 3792 is the next target. If we reject current levels, the most likely scenario, we should have support from 3714 or so, at the base of the 3700 handle.