Market Notes – December 28/22

Global stocks are on pace for their worst drop since the 2008 financial crisis. Pessimism around the outlook for financial markets and the economy amid a backdrop of rising interest rates and fears a recession is underway have thrown a wrench in prospects for the seasonal year-end Santa Claus rally markets stocks typically experience at the end of December.

The market was attempting a rally in the early going then word spread that nearly half of the passengers on two separate flights this week from China to Milan tested positive for COVID, and health officials in Italy have announced they will test all travelers coming from the East Asian country. The US has now stated that all passengers arriving from China will be required to test negative.

As a result, the S&P 500 was down 46 points or 1.20%. and has now broken near-term support (horizontal green dotted line).

 Another headwind for the markets was that interest rates have been rising again, which hasn’t helped the equity markets.

Gold has been trying to breakthrough near-term resistance at 1825, but so far, after four attempts has not been able to.  Near-term support is at 1775, and key support sits at 1630, a level that has held the last three times it has been tested (green horizontal dashed line).

Stay tuned!

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