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Stock Market Slides Again as Inflation and Interest Rate Angst Increases

The stock market resumed its slide post yesterday’s rally induced by Fed Chairman Jerome Powell’s speech. Despite reassurances that the Fed would raise rates in a steady and predictable manner, fears that inflation arising from elevated commodity prices could force the Fed to tighten more quickly weighed on investor sentiment today. The Nasdaq 100 Index was on track for one of the sharpest reversals in its history, dropping around 5 percent after a previous day’s gain of over 3%.

The key technical level on the S&P 500 to watch remains the April 29th low of 4124, which could turn into potential support. Furthermore, charts indicate the potential for a short-term triple bottom. Other key support levels for the SPX are at 4115 and 4062. On the Nasdaq 100, the March 5th, 2021, level of 12594 is key for the bull market. If the Index drops a further 1.4% from current levels without finding support, the next leg down could be as low as 10960.

The NYSE indicated the following Market Wide Circuit Breaker (MWCB) levels for the S&P 500 for 5/5/2022:

Level 1 = 3999.15 (7%)
Level 2 = 3741.14 (13%)
Level 3 = 3440.13 (20%)

  1. If a Level 1 Market Decline or a Level 2 Market Decline occurs after 9:30 a.m. and up to and including 3:25 p.m., the Exchange shall halt trading in all stocks for 15 minutes after a Level 1 or Level 2 Market Decline. The Exchange shall halt trading based on a Level 1 or Level 2 Market Decline only once per trading day. The Exchange will not halt trading if a Level 1 Market Decline or a Level 2 Market Decline occurs after 3:25 p.m.

  2. If a Level 3 Market Decline occurs at any time during the trading day, the Exchange shall halt trading in all stocks until the primary listing market opens the next trading day.