- The S&P 500 fell during the trading session on Wednesday as we continue to see a lot of questions asked about the overall attitude of the market.
- Really at this point in time, I think you need to be aware of the fact that the interest rate markets will have a major influence on where indices go, and of course the S&P 500 will be no different.
The S&P 500 is focusing on the situation in the Middle East, but one of the biggest drivers has been the interest rate markets in the United States. If the interest rates can start to fall again, that should help the S&P 500, but we've seen interest rates rise slightly during the trading session on Wednesday, causing a little bit of a headache for those out there trying to play the market.
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Macro Drivers and Key Market Levels
If we fall from here, the 7500 level is an area that I think a lot of people will be watching for potential support. The market continues to be very noisy, and I just think that's how things are going to play out in the US stock markets.
The 7600 level above offered a bit of a problem, and I think that continues to be something that a lot of traders will have to focus on as a potential barrier. Once we break out to the upside, then the S&P 500 really could take off toward 7700, but between now and the jobs report on Friday I think it's difficult to get overly aggressive.
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