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S&P 500 Market Update

3/28/2023 12:37 PM

The S&P 500 is trading at 3983.0.

Stock markets continue to be under significant pressure amid a difficult situation in the banking sector, as the debt obligations of credit institutions continue to increase due to the "hawkish" monetary policy of the world's leading regulators. The day before, analysts at Morgan Stanley published an article pointing to a significant risk of falling profits for US companies in the first half of 2023. It is believed that the income that was shown at the end of the recent reporting period is greatly overestimated, and in the second quarter they are waiting for a real correction, which could lead to a decrease in the S&P 500 index to around 3000.0.

The day before, it became known that the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against the Binance cryptocurrency platform in Chicago federal court, accusing the management of the exchange of trading unregistered derivatives. Under current law, a company providing trading in such assets must be registered with the regulator, and Binance does not have such a license. Nevertheless, according to experts, this is just a way to divert the attention of markets from the situation in the American banking sector, and will not lead to real consequences.

The growth leaders in the index are First Republic Bank (+11.81%), IFF Inc. (+6.35%), Hewlett Packard Enterprise Co. (+5.48%), Comerica Inc. (+5.40%).

Among the leaders of the decline are Carnival Corp. (-4.77%), American Tower Corp. (-3.24%), Alphabet Inc. Class A (-2.83%).

The index quotes continue the corrective trend, trading within the local ascending corridor with the boundaries of 3900.0–4300.0 on the daily chart.

Technical indicators hold a local sell signal, but do not exclude a correction: fast EMAs on the Alligator indicator are approaching the signal line, and the AO histogram is forming corrective bars being in the sale zone.

Support levels: 3940.0, 3800.0. | Resistance levels: 4020.0, 4130.0.

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