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SPY Technical Analysis & Weekly Stock Market Update (Sep 24th)

SPY Chart done on hourly timeframe. Last week was an eventful week that brought many reputable stocks down to levels not seen in months. There was already uncertainty in markets from earnings and economic slowdowns, but The Fed’s FOMC meeting was the spark that set-off a steep multi-day sell-off. Although The Fed didn’t raise rates, they reaffirmed their willingness to hike rates even higher in 2024 as needed to battle the lingering inflation. The CPI report has shown a month over month increase in inflation over the last three months, and this week we will receive the PCE report, which is The Fed’s preferred inflation gauge. Markets desperately want to see improvement on the PCE index in order to alleviate...

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