S&P 500 plunges amid mounting recession fears. Commodities also decline due to growth concerns. This article looks at key technical levels to watch for in the S&P 500 in the coming sessions.
traction, most financial firms haven’t yet downgraded corporate earnings to reflect current downside risks, with their research desks still forecasting an S&P 500 margin expansion for next year despite mounting headwinds, such as sky-high inflation and cooling demand.
In any case, once the second-quarter reporting period gets officially underway next week, results and guidance are likely to disappoint Wall Street’s projections, paving the way for analysts to start lowering EPS expectations, especially for some cyclically oriented sectors. These negative revisions could trigger the nextIn terms of technical analysis, the S&P 500 is approaching a key technical support near 3,730 after Tuesday’s nosedive.
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