Price structure looks weak, and the SPX closed the month with indecision

U.S. stock indexes finished mixed today, marking the close of both the month and the third quarter. Growth and technology stocks carried the $NASDAQ 100(NDX)$ into positive territory with a 0.2% gain. However, the $S&P 500(.SPX)$ slipped 0.25%, and the $Dow Jones(.DJI)$ dropped 0.9% (DIA exceeded the bearish target of 511).

Early-day optimism made the SPX reach the anticipated daily resistance of 7,720 and reversed rapidly towards 7,649, another level modeled yesterday for today’s session showing a how institutional algorithms react to these modeled levels with precision. Long-dated bond yields continued to weigh down the broader market, with the 10-year U.S. Treasury yield jumping to a new multidecade high of 5.30%.

The market wrestled with contradictory economic signals:

The Federal Reserve’s preferred inflation gauge, the August Personal Consumption Expenditures (PCE) price index, came in lower than expected rising 0.3% for the month and 3.4% year-over-year (vs. 3.7% expected). Core PCE (excluding food and energy) rose 0.2% for the month and 3.0% year-over-year. However, the second-quarter real GDP was revised upward to a 2.2% annualized growth rate, proving the U.S. economy remains resilient and offsetting the cooler inflation data.

As mentioned today is the end of the month and quarter, and many disciplined investors and traders are looking forward to the support and resistance levels for October, and that is the focus of today’s edition, bringing the essential central monthly level (CML) that sets momentum for a longer term structure, this level comes for our regular watchlist in this post, and the founding members site (access here) has the levels updated for the expanded watch as well.

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