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• S&P 500, Dow Jones, and Nasdaq all decline.
• Traders digest comments from Fed Chair Powell.
• Ongoing Middle East conflict adds to market uncertainty.
• Treasury yields remain elevated, briefly crossing the 5% mark.
• Consumer discretionary sector underperforms, while consumer staples gain.
• Solaredge Technologies shares plummet by 28.4% after sales forecast cut.
• Tesla shares down 3.5%, extending previous losses.
• American Express revenue and profit reach record levels but shares fall 3.7%.
• S&P 500 down 2.5% on the week, Nasdaq loses 3.4%, Dow declines 1.8%.
• Dollar index stabilizes above 106.
• Powell states inflation remains too high and may require lower growth.
• Monetary settings are not yet too tight, according to Powell.
• Markets anticipate steady interest rates at the November Fed meeting.
• Economic data, including jobless claims, existing home sales, and retail sales, suggests a robust US economy.
• 10-year US Treasury yield briefly hits 5% for the first time since 2007.
• Fed officials express mixed views on rate hikes but share commitment to controlling inflation through restrictive borrowing costs.

E-mini S&P 500 Technical Perspective

The E-mini S&P 500 Futures contract declined by approximately 0.6%, reaching the lower extreme of the prior balanced price range where the market appeared to find short covering and buying interest. The session featured a slightly lower dollar, which had a bearish undertone, along with negative volatility, possibly lending some support to the market.

The preceding volume profile exhibited a p-shaped structure, which could have initiated a bearish bias among traders for the session. Moreover, today’s market opened significantly lower from the Point of Control (POC) level, increasing the likelihood of a potential revisit, perhaps in the following week. The ultimate outcome would depend on the evolving market dynamics and ongoing conflicts.

A pre-analysis figure has been posted on X in the morning for reference.

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