Two Factors Weighing on Stocks
Stocks have wavered as the markets digest higher weekly unemployment rates and new statements from the Fed. The Fed remains unconvinced at how effective the 'Inflation Reduction Act' will be and Kashkari has stated that the Fed has 'more work to do' to bring down inflation. The S&P 500 has topped out at 3810 with multiple red triangles confirming resistance. We are seeing support in the 3750's, suggesting that we may be forming a bull wedge or other consolidation pattern. If things turn south, 3714 should provide support. A breakout could test 3825.
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