Stocks Continue to Range

15 ביולי 2022

Stocks have found support off lows after the selloff yesterday. Nearly double digit CPI did not fare well for stocks, with some market participants pricing in a 100 bps rate hike at the FOMC later this month. We at pivoted at 3714 after breaking lows at 3739. Currently, it appears that we are making a run back to the midpoint of the range but are struggling with resistance at 3810. If we are able to punch through this resistance, then we could make a run for the highs of the range at 3909. Othwerise, we expect 3714 to provide support, then 3694 if it caves.