To The Moon

Stocks fell on Friday as Wall Street ended one of its worst weeks in months. $Apple(AAPL)$ $Amazon.com(AMZN)$ 

Analysts say traders reacted to a nasty FedEx earnings warning about the global economy...

The Dow Jones Industrial Average fell 139.40 points, or 0.45%, to close at 30,822.42.

The S&P 500 lost 0.72% to end the week at 3,873.33. $S&P 500(.SPX)$ 

The Nasdaq Composite slipped 0.90% to end at 11,448.40. The worst week for the S&P 500 and the Nasdaq since June...$NASDAQ(.IXIC)$ 

$FedEx(FDX)$  shares plunged 21.4%, their worst daily decline on record, after the shipping company withdrew its full-year guidance and said it would implement cost-cutting initiatives to address weak global shipment volumes as the global economy "deteriorated significantly".

Note that transportation stocks are generally considered a leading indicator of the stock market as well as the economy.

FedEx pointed to weakness in Asia as a key reason for its negative outlook.

FedEx's announcement would rekindle fears shortly after a US inflation report on Tuesday.

FOMC would have investors' full attention...whether the Federal Reserve would be forced to cause a recession to cool prices...but that data would already be priced in...

But analysts say the summer comeback rally is looking more and more like a bear market bounce...

All this being said, let's take a purely technical look at the market:

The 3800-3850 area would be the support to watch with June levels below.

3900-3950 would be resistance.

• In a slightly more advanced context, we could say that from now on the market would be subject to the Marco, and could react mechanically...between bands between 3800-4100 until the end of the month...

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