[PREDICTION] How will SPY close on Wednesday 21 Sept?
Click to vote. Guess How will$SPDR S&P 500 ETF Trust(SPY)$ close on Wednesday 21 Sept? If you get correct answers, you can get 10 Tiger coins.
Stock futures pointed to more losses Monday — following the major averages’ worst week since June — as interest rates surged ahead of the Federal Reserve’s two-day meeting this week. Stocks had been falling following last Tuesday's report on consumer inflation for August. The consumer price index for August was up 0.1% instead of falling 0.1%, as expected by economists. As a result, expectations have increased for interest rate hikes by the Federal Reserve in its fight against inflation.On Wednesday, all eyes will be on the Federal Reserve meeting Tuesday and Wednesday. The Fed is expected to raise its target fed funds rate by another 75 basis points Wednesday and also provide new forecasts on the economy, inflation and interest rates.
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The event will last until 23:00 on Wednesday 21 Sept SGT?
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The recent rhetoric from the Feds have been hawkish with Jerome Powell saying that the Feds "will keep at it until the job is done".
We had a rude awakening last week on Tuesday when the US markets snowdived with the 3 major indexes having their worst day since June 2020. That day the S&P500 fell 4.3%!
Inflation is like a bad boy that refused to be controlled and is persistent at a high level of 8.3%. The Wall Street gurus are predicting a 86% likelihood of 0.75% increase and a 14% likelihood of 1% increase.
So I believe that the markets are already pricing in that 0.75% increase and predict that SPY will close flat at 380 to 385.
@TigerEvents
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The markets have already priced in the 75 basis points rise. But if it s 100 basis points, the markets will be hammered. If it is 50 basis points, the markets will go up like a rocket to the moon.
What is more important is what he will say. His words will be dissected, examined under the microscope by the traders, investors, institutions for clues on future rates rise.
It is like reading the economic "tea leaves". 😁😁😁
My prediction is that Jerome Powell will be hawkish and the markets will fall post conference.
Inflation is still very persistent and is not going away anytime soon.
SPY will close at 383 today.
@TigerEvents
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Source:Investing.com