×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: federal reserve | jerome powell | jackson hole
OPINION

Powell's Jackson Hole Speech in 2022 & Market Reaction

Powell's Jackson Hole Speech in 2022 & Market Reaction
Peter Tuchman, a New York Stock Exchange Stock floor broker, looks at the Big Board following Federal Reserve Chairman Jerome Powell's remarks on inflation at the central bank’s annual Jackson Hole economic symposium. (Michael M. Santiago/Getty Images/2022 file photo)

Geoff Garbacz By Friday, 25 August 2023 09:39 AM EDT Current | Bio | Archive

Last week we noted here that stocks had been selling off since the end of July. This action was the first decent selling action we had seen since the March low. A week later has much changed? Not really.

The S&P 500 finished last week down for a third week in a row. Right now this week sees the S&P 500 higher by 0.15% after dropping -1.35% yesterday killing the strong week through Wednesday, up by 1.52%.

Last week we looked at the retracement on SPY, QQQ, IWM amd TLT. SPY and QQQ have still yet to test their 38.2% retracement. Yet IWM has tested both its 38.2% and 50%.

Picture-1-(2).jpg

TLT has retested its October 24th closing low in the last week which is a plus for now. The rate increase has stalled for now but we have Federal Reserve Chairman Jerome Powell's Jackson Hole Speech later this morning.

Picture-2.jpg

Last year his speech from Jackson Hole which is annually given led to a two-month selloff in stocks. Will we see the same result this year?

Unlikely, as last year stocks rallied into Jackson Hole after dovish comments by Powell at the July Federal Reserve Open Market Committee (FOMC) Meeting that sparked a rally. This year has seen stocks sell off hard into the speech as the S&P 500 has fallen 13 days in August, equaling its 10-year August number of down days.

Picture-3.jpg

__________________________________

Geoff Garbacz is a principal at Quantitative Partners, Inc. and works with several independent research firms that work with buyside clients, financial advisors and institutional investors.

© 2024 Newsmax Finance. All rights reserved.


GeoffGarbacz
Last week we noted here that stocks had been selling off since the end of July. This action was the first decent selling action we had seen since the March low. A week later has much changed? Not really.
federal reserve, jerome powell, jackson hole
259
2023-39-25
Friday, 25 August 2023 09:39 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved