Banks remained in the spotlight amid a rush of headlines. Swiss authorities helped broker a deal for UBS (UBS) to take over troubled rival Credit Suisse (CS). Meanwhile, New York Community Bancorp (NYCB) agreed to take over shuttered Signature Bank's (SBNY) deposits and some of its loans.
Looking ahead to the Fed's upcoming interest rate decision, due out on Wednesday, the consensus has been solidifying in recent days around the expectation of a 25-basis-point hike. The CME's FedWatch tool now estimates the perceived probability of a quarter-point increase at 73%. The market is pricing in a 27% likelihood that the central bank will halt its rate hikes entirely.
Chart: SPX daily and SPX 15 mins
From the tech side of analysis, the market gave a shooter pattern on the daily chart, which is a "plus" version of the inside day, and from the 15 mins chart, I drew two trendlines that might help you indicate what is happening. The market is trying to select the direction from the tech side of analysis, so far, the fear&greed index already indicates that investors are already extremely feared about what will happen next. Specially, the recent bank crisis kinda destroyed some investors' confidence in this market. Without further positive news coming out, its unlikely the market will keep moving up. However, since the FED already saw the negative effects on banks by keep increased its interest rate, therefore, it's likely that instead of keep raising its interest rate, FED will try to comfort the market and choose not taking more hawkish moves this time.
What do you think about this market? Do you think the FED will halt its rate hikes?
Please feel free to express your ideas and thoughts in the comment section.
Looking ahead to the Fed's upcoming interest rate decision, due out on Wednesday, the consensus has been solidifying in recent days around the expectation of a 25-basis-point hike. The CME's FedWatch tool now estimates the perceived probability of a quarter-point increase at 73%. The market is pricing in a 27% likelihood that the central bank will halt its rate hikes entirely.
From the tech side of analysis, the market gave a shooter pattern on the daily chart, which is a "plus" version of the inside day, and from the 15 mins chart, I drew two trendlines that might help you indicate what is happening. The market is trying to select the direction from the tech side of analysis, so far, the fear&greed index already indicates that investors are already extremely feared about what will happen next. Specially, the recent bank crisis kinda destroyed some investors' confidence in this market. Without further positive news coming out, its unlikely the market will keep moving up. However, since the FED already saw the negative effects on banks by keep increased its interest rate, therefore, it's likely that instead of keep raising its interest rate, FED will try to comfort the market and choose not taking more hawkish moves this time.
What do you think about this market? Do you think the FED will halt its rate hikes?
Please feel free to express your ideas and thoughts in the comment section.
