The market is enjoying a nice bounce as the S&P 500 closed the last week above the 4,000 level. Next week will certainly prove to be important with a very important CPI report, an FOMC meeting, and options expiration which tends to exacerbate volatility.
To recap how we got here: the market bottomed in mid-June around 3,600. From there, it climbed 18% to reach 4,300 before turning lower following Fed Chair Powell’s hawkish speech at Jackson Hole. It dropped all the way to 3,900 early this week but found support at these levels and closed the week above 4,000.
