SPY Technical Analysis for Thursday August 17, 2023
Current SPY H1 Range Detailed: From 439.39 to 444.16, Monitoring M15 Range
Hawkish Federal Reserve Remarks Drive S&P 500 Down 0.8% and Nasdaq 100 Down 2.2%
Federal Reserve's recent hawkish comments pressured US equities and Treasuries, leading to a 0.8% drop in the S&P 500 and a 2.2% fall in the Nasdaq 100. Influential tech stocks like Tesla, Amazon, and Meta Platforms contributed to these declines. Technical factors also played a role, with zero-day options trading pushing the S&P 500 below trendlines and finishing below its 50-day average price for two days. US Treasury yields rose in the afternoon, with the 10-year rate nearing 4.3% and the policy-sensitive two-year yield approaching 5%.1
PY Resistance at 443.97 Holds, Surpasses 440.08 Pivot Target
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