{"id":61099,"date":"2022-08-22T20:07:12","date_gmt":"2022-08-23T03:07:12","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=61099"},"modified":"2022-08-22T23:09:35","modified_gmt":"2022-08-23T06:09:35","slug":"and-then-there-was-just-one-the-market-breadth","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2022\/08\/22\/and-then-there-was-just-one-the-market-breadth\/","title":{"rendered":"And Then There Was Just One – The Market Breadth"},"content":{"rendered":"\n

Stock Market Commentary<\/strong>: <\/h2>\n\n\n\n

And then there was just one. The S&P 500 (SPY) is once again the lone index of three that still trades just outside the clutches of the bear. The signs were flashing red last week as the bear market looked like it warmed right back up<\/a>. The technicals of market breadth combined with significant resistance levels to deliver insight and drive action.<\/p>\n\n\n\n

The U.S. dollar took center stage as the fear factor. The euro dropped below parity (1.0) against the dollar again and hit levels last seen in late 2002. The British pound fell toward its pandemic low against the U.S. dollar. Below that level sits an exchange rate last seen in early 1985. The bond market is back to taking inflationary pressures more seriously with a fresh push higher in long-term bond yields. In other words, the Federal Reserve’s posturing at the annual Jackson Hole confab at the end of this week takes on even more significance. The run-up in Fedspeak has stayed the hawkish course and defied those who expect (and need) the Fed to play nice again. So all ears will likely strain for even the slightest hint that the Fed wants to lean against dollar strength.<\/p>\n\n\n\n