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Markets have been extremely volatile in recent weeks amid rising geopolitical tensions and Fed uncertainty. Jay Woods, chief market strategist at Drive Wealth and NYSE executive floor director, highlighted the latter Thursday on "Benzinga Live."
"It's when we have those gaps between Fed meetings like we had January, February that we see some angst and volatility," Woods said.
Federal Reserve Chair Jerome Powell did a good job of calming markets when he spoke this week, but Woods warned that if the market gets the sense that Fed officials may be on different pages, it often sparks volatility.
In this case, Woods thinks Powell sent all the right signals. "He telegraphed the next move coming up in a week and a half or two weeks. He gave himself a lot of rope going forward," he said. "He's a pro at doing this."
Related Link: Russian Invasion Creates 'Upward Pressure On Inflation,' Powell Says
The Bigger Picture: Jan. 24 and Feb. 24 were both pivotal points for the market. "God knows what March 24th is going to bring," Woods said with a bit of jest.
Jan. 24 marked the first near-term lows of 2022. Feb. 24 was the day Russia invaded Ukraine. From a technical perspective, Woods said the 4,300 level, where the market closed the day of the invasion, is an important level to watch in the S&P 500.
"It's a constructive double bottom," Woods said. "Is it the bottom? I'm not going to go out and make that call, but it sure feels like that could be the bottom."
He told Benzinga that he wants to see some consolidation around the $4,300, although he expects some continued chop as the market digests headlines.
"When everyone is running out of the market, this is when you have to stand there and buy," Woods said. "Just ride this out. It's giving you a buying opportunity over the long term."
See the full interview here:
Photo: Billie Grace Ward from Flickr.