Sp 500 Closes The Week In Red

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Sp 500 Closes The Week In Red

S&P 500 Closes The Week Near 4100 Level

The S&P 500 index continues its losing streak as it ended the 2nd week in the red. Overall, the S&P 500 appears to be in correction mode as it has already lost 10% of its value from the 4600 (high of July).

By the end of Friday's session, the S&P 500 was down by 20 points, which is around a -0.5% loss. The closing price on Friday was 4117, which is very close to the 4100 level.

Since the S&P 500 is still close to the 4100, we can't rule out the chances of a break below that level. According to experts, the S&P 500 will need to spend some time above that level while also gaining some distance. Doing so will validate the turning of the 4100 level from resistance into support.

DJIA And NASDAQ Down By 1.12% & 0.4%

Similarly, the DJIA also lost 1.12% of its value, which is equivalent to around 366 points. By the end of Friday's session, the DJIA index price was near 32417.59.

If we look at both of these indices, it paints a similar picture of downward pressure during Friday's session.

Elsewhere, the NASDAQ Composite index went on a different path by gaining 47.41 points on Friday. This is close to around 0.4% upside, which suggests that this index has managed to carve a different path than the DJIA and S&P 500.

Now, the focus will be on Wednesday's meeting of the Fed, where the next rate decision will be made. According to the experts from the money markets, the interest rates will remain steady with no change.

At the same time, the experts believe that the chances of a December rate hike continue to rise. In addition, the economic indicators from the USA are also much better when compared with other big economies. However, the one downside for the US economy is the higher inflation and its effects on different parts of the economy.

Now, the focus will be Monday's session as investors will look at whether the S&P 500 will slide below the 4100 or it will turn higher from here.

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