Market Snatches Defeat from the Jaws of Victory | David Keller, CMT | The Final Bar (09.21.22)

Guest Sam Stovall, CFP of CFRA Research updates his market outlook based on the latest Fed meeting and the inverted yield curve. Host David Keller, CMT highlights key levels to watch for NFLX, WYNN, AAPL, AMZN, MSFT and HD.

00:00 - Intro
03:02 - Market Recap
12:51 - Guest Sam Stovall
21:05 - Don't Fight the Fed
26:50 - 3 in 3: S&P 500 ($SPX), S&P 500 Members Above Key MAs, General Mills (GIS)

@Finalbarsctv
@DKellerCMT
#fightfed #keyma #keylevels

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[ck-]

Big picture makes sense to look back to 2008 on SPY I think to see how this correction makes sense in context of long-term trend.

[ck-]

Right now SPY around 373-374 is at rising RSI support, structural support (late december 2020 breakout) and has an increasing trend A/D line since 9/1/2022. Short term bounce?

[boomcity]

Another excellent show. I think I will start calling you Super Dave. Sam Stovall was awesome, and a perfect choice for the day. I am leaving town tomorrow, but as soon as I return I am ordering his book. Thanks for all you do!

[garbismikaelian]

I've been a StockCharts member for 8 years. I've learned so much and look forward to viewing your show its my favorite. You do an amazing job and enjoy your guests as well. I'm grateful my portfolio is up this year thanks to StockCharts. I'm glad your feeling better!

[ck-]

Long term rising channel/trend support for SPY suggests to me a spike down to "around" SPY 350 consistent with cyclic bear corrections since 2009. Also the Fib 50% retracement. Just an observation.

As a side note my sense is the fed tends to have tunnel vision. They left interest rates low and continued QEing based on lack of employment in certain areas of the economy while ignoring everything else including underlying trends of where things were going. They are doing the same thing now but the problem is opposite as there iare too many employment opportunities and they are ignoring where things are going. It's like they need to hit an iceberg before they change course. And why 2% inflation? Can we live with 2.5 or 3% for 5 years and slowly try to bring it down further? Seems arbitrary all things considered.

[gsk]

great show David. the spx chart broke down each time it has touched 3900. as u said, the market will break june lowa even guest was impressive and said the same things as you have told. stay safe. my best

[omax-syxp]

I'm not sure how the first guest is confident we've bottomed if the effects of upcoming recession are unknown and not reflected in earnings

[jorgegrande]

Sam Stovall is a walking encyclopedia of Wall Street history and facts. I wish he had more time on the show today. Anyway, question for you, Dave. We are seeing some substantial down moves like today in terms of percentage, volume, and breaking through very important support levels including fibonacci's. Yet the Vix is hanging in there in the mid upper 20s. Whereas in June at these levels the Vix was much higher. I know you speak frequently of Vix regime levels. Can we see market capitulation with a Vix below 30? Or would you expect something in the 30s or 40s to mark the absolute bottom in this market? Thank you.

[Ketobodybuilderajb]

Oh I knew it would repeat... Rally into the fed and then crater.

[MACtic]

So Sam is saying that the June lows will be the bottom. Wow, just wow.