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3 Grossly Oversold Sectors — and Will We Get a Relief Rally?

by | Sep 19, 2022

The major indexes dropped again this morning following their worst week since June — and more in Monday’s stock market recap.

The Federal Reserve’s two-day meeting kicks off Tuesday, with most expecting the central bank to raise its benchmark interest rate by another 0.75%. The CME FedWatch Tool rates the probability of a 0.75% hike at 80%, with a 20% chance of a full 1% hike, down a bit from last week’s projections.

I expect the market to be subdued until we hear from the Fed, with the possibility for a relief rally on Tuesday if it moves ahead with the expected 0.75% rate hike.

It’s also a big week for housing data, with housing starts and permits on Tuesday, and mortgage applications and existing home sales on Wednesday.

In this morning’s stock market recap video, I’ll discuss what to expect from the Fed this week… how to navigate the market right now… if we’ll have a Turnaround Tuesday… which three sectors are grossly oversold… whether volatility is done moving higher… plus an update on key price levels ahead of this week’s major Fed announcement.

Don’t forget to like and subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to!

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Stock Market Recap: By the Numbers

This morning’s stock market futures recap:

DOW (mini)

  • Close: 30,822.42.
  • Futures: 30,698.
  • Change: -224.

S&P 500 (mini)

  • Close: 3,873.33.
  • Futures: 3,863.25.
  • Change: -26.75.

NASDAQ (mini)

  • Close: 11,861.38.
  • Futures: 11,855.
  • Change: -78.5.

RUSSELL (mini)

  • Close: 1,798.19.
  • Futures: 1,790.9.
  • Change: -12.6.

Note: Updated as of 9:16 a.m. EDT

To kick off the week, each Monday video will outline my weekly outlook and any actionable announcements, news or catalysts I’m watching. I’ll also outline exactly which opportunities I expect to unfold in the coming five trading days, so check out this short video for more information!

Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to support@marketgeeks.com!

Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.

WRITTEN BY<br>Roger Scott

Roger Scott

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