Microsoft closed at $274.73 per share Friday. Redler said if Microsoft breaks the $270 level, its chart would complete a negative head and shoulders formation that could signal more weakness for the stock. Apple ended Friday at $157.28 per share, slightly higher on the day. That could bring us closer to a tradeable low," he said. "If they break those levels, it will add some grease to the wheels and bring the market to new lows. If Apple breaks support at about $150 and Microsoft breaks $270, a level it's been holding, the two biggest stocks could sweep the S&P 500 below 4,000. Redler said Microsoft and Apple could have a big impact on trading next week. He said there could be news on Ukraine, since it is Victory Day in Russia, and Russian President Vladimir Putin is expected to speak. "I think the weekend news is going to play a factor into the emotional open Monday." "As of now, it looks like every rally where you can get an oversold bounce has been sold," he said. Scott Redler, partner with, targeted 3,850 on the S&P as the next stop lower, if the index breaks the Monday low. Some t echnical analysts said stocks could take another dip lower if the S&P returns to Monday's low of 4,062 and stays there. "What we've seen is both upside and downside volatility in equities…and that's the start of a bottoming process." But he expects the stock market is in the process of finding its low-water mark. "The bond market is calling the tune here," he said. Those stocks do better when money is cheap. "If people figure out inflation is peaking, and you could make the argument that the 10-year yield will not necessarily peak, but will stop going parabolic.that's what could get the public to slow down the selling," said Julian Emanuel, head of equity, derivatives and quantitative strategy at Evercore ISI.Įmanuel said retail investors have been heavily invested in growth names. Hogan said if the CPI comes in as expected that could bring some stability to both stocks and bonds, since it would then appear that inflation has peaked. Hogan said investors are also concerned about China's economy as it locks down to fight Covid and how that slowing could impact the rest of the world. "I think the two big concerns for the market are inflation and how hawkish the Fed will be trying to get that under control," said Art Hogan chief market strategist at National Securities. Fed Chairman Jerome Powell, following the meeting, said he expects the economy could see a "soft or soft-ish" landing. The Fed raised its fed funds target rate by a half percentage point Wednesday, and signaled it could follow up with more hikes of the same size.
Investors are honing in on inflation and other key reports that will influence the Federal Reserve as it moves forward with interest rate hikes. Zandi expects headline CPI to rise 0.3% for the month or 8.2% year-over-year. "I think it's going to be a hot number but not as sizzling as last month," said Mark Zandi, chief economist at Moody's Analytics. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower
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