{"id":63988,"date":"2023-09-21T10:43:19","date_gmt":"2023-09-21T14:43:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/stock-market-is-tumbling-heres-how-far-it-could-fall\/"},"modified":"2023-09-21T10:43:23","modified_gmt":"2023-09-21T14:43:23","slug":"stock-market-is-tumbling-heres-how-far-it-could-fall","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=63988","title":{"rendered":"Stock Market Is Tumbling. Here’s How Far It Could Fall."},"content":{"rendered":"
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The stock market\u2019s monthslong drop picked up steam in the past week. More declines are likely in the cards.\u00a0<\/p>\n

The
\n S&P 500 index,<\/span>
\n already down for the week, dove Wednesday, dropping almost 1%. It\u2019s seeing further declines early Thursday. The latest downside move comes as the Federal Reserve left interest rates unchanged this week, but signaled that it will keep rates higher and longer than Wall Street had expected to fight inflation.<\/p>\n

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The result is that the S&P 500 is now about 5% down from its 2023 high of 4,607.07, set in late July. The overarching issues, related to Wednesday\u2019s Fed announcement on rates, is that the delayed impact of higher rates will continue to weigh on the economy, and that there won\u2019t necessarily be much relief as the Fed will be slow to cut rates, and won\u2019t cut by much.<\/p>\n

With the S&P 500 now at just below 4400, more declines seem to be in the cards. The last five trading days look like a nosedive, so it\u2019s reasonable to assume the index has a good shot of dipping to 4300. That\u2019s a key support level, where buyers have come in several times earlier this year to send the index higher. If those buyers don\u2019t show up at 4300\u2014if their confidence in the economic picture doesn\u2019t improve\u2014the next key support to level to watch is 4200.<\/p>\n

Depending on how quickly the index is falling, it might stabilize for a few days at 4200. If it can\u2019t hold there, don\u2019t be surprised to see the index drop to near 4000, another key support level.<\/p>\n

\u201cIdeally, we don\u2019t want to see 4300 break because it will open the market up to additional downside paths, not only toward the 200-day moving average [roughly 4200] but to 4075,\u201d wrote John Kolovos, chief technical strategist at Macro Risk Advisors.<\/p>\n

Hitting 4075 represents about 7% downside from the index\u2019s current level.<\/p>\n

That\u2019s enough of a potential drop to stay away from stocks for the near term.\u00a0<\/p>\n

Write to Jacob Sonenshine at jacob.sonenshine@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The stock market\u2019s monthslong drop picked up steam in the past week. More declines are likely in the cards.\u00a0 The S&P 500 index, already down for the week, dove Wednesday, dropping almost 1%. It\u2019s seeing further declines early Thursday. The latest downside move comes as the Federal Reserve left interest rates unchanged this week, but […]<\/p>\n","protected":false},"author":1,"featured_media":63989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-63988","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nStock Market Is Tumbling. Here's How Far It Could Fall. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The stock market\u2019s monthslong drop picked up steam in the past week. 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