S&P500 - this is the level to watch now after Jan FOMC!
FOMC Jan statement was a reality call to the market that it shouldn’t be too enthusiastic about an early rate cut (the market is pricing now a 65% probability that US target rate will not have a rate cut in March). This is an approximately increase of 15% from a day before Jan’s 2024 FOMC meeting.
The stock indexes were ramping full force ahead expecting a rate cut as soon as March 2024.
The current disappointment can be seen from the sharp fall last night - $S&P 500 Index (.SPX.US)$fell with a long tail - a pattern that I coined as Wash and Rinse and something that I’ve created to especially trade fake moves. More here if you would like to know about wash and rinse.
Below this level is going to see a massive disappointment amongst those who think that $S&P 500 Index (.SPX.US)$can continue to challenge new highs. Below this level means that there would be a massive wash and rinse
From the technical view point, $S&P 500 Index (.SPX.US)$is still in an uptrend. But there might be short-term correction if 4800 doesn’t hold.
Short-term tradeable instruments:
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