Market Analysis: S&P 500 Futures Decline Ahead of Powell's Speech

<img src="https://fxopen.com/blog/en/content/images/2023/08/Screenshot_1.jpg" alt="Market Analysis: S&amp;P 500 Futures Decline Ahead of Powell's Speech" /><p>At the same time, all the positives associated with a strong Nvidia report were offset by yesterday&apos;s decline. Probably, the closer Powell&apos;s speech is (his speech at the Jackson Hole symposium, which brought together representatives of central banks, is scheduled for today 17:05 GMT + 3), the more market participants fear his hawkish rhetoric. Note that ECB President Lagarde will speak at 22:00 GMT+3.</p><p>The FT assumes that the thesis &quot;higher for longer&quot; will prevail in the discussions on the size of the key rate.</p><p>Bloomberg writes that for the first time since the beginning of June, retail investors prefer short positions on US stocks.</p><p>Meanwhile, the chart of the S&amp;P 500 index shows that the price has fallen to the lower border of the parallel channel.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/08/251.png" alt="Market Analysis: S&amp;P 500 Futures Decline Ahead of Powell's Speech" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/08/251.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/08/251.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/08/251.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/08/251.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p><strong>Bullish arguments:</strong><br>→ the lower border of the channel may support the stock index;<br>→ the market may find support at the level of 4,340, from which rebounds were formed in June and August.</p><p><strong>Bearish arguments:</strong><br>→ Buyers&apos; inability to sustain progress on the August 23 bullish candlestick is evidence of demand volatility. What makes the market vulnerable to bear attacks.<br>→ the level 4,460 (which served as support in the first half of August) is now working as resistance again.</p><p>Get ready for a surge of volatility tonight that could extend beyond the stock markets.</p>