• The S&P 500 has done almost nothing during the trading session on Tuesday as traders continue to wait for multiple central bank speakers at the Jackson Hole Symposium.
• This can have a massive influence on where risk appetite goes, and those speakers will move interest rates.
• Interest rates rising certainly will have a major influence on risk appetite, and therefore it’s a bit of a feedback loop.

From a technical analysis standpoint, the 200 Day EMA sits just above and is offering a bit of resistance, so if we can break above it, we might have the ability to run toward the 4300 level, which is a large, round, psychologically significant figure. That’s an area that has been important recently, and therefore a bit of market memory could come back into the picture. In that scenario, I would anticipate a lot of selling pressure. However, if we were to break above the top of that area, then it’s likely that the market could go much higher, perhaps entering into a bullish trend.