S&P 500 Volatility and Upside Potential: Latest Market Updates.

Traders are pricing in another rate hike as inflation expectations remain elevated, causing the SPDR S&P 500 ETF Trust (SPY) to drop half a percentage point intraday. The SPY could print a bearish engulfing candlestick, indicating lower prices on Monday and negating the recent uptrend. Traders can use moving averages to identify a downtrend, with descending lower timeframe moving averages indicating a shorter-term downtrend and descending longer-term moving averages indicating a long-term downtrend. Miax's SPIKES Volatility products can be used to trade the volatility in the stock market. The SPY has resistance above at $414.89 and $420.76 and support below at $408 and $404.