The main US stock indexes after a sharp fall at the start of the European trading session today returned to the levels of the closing day yesterday. Here, market participants seem to have preferred to take a wait-and-see position ahead of the release of the Fed’s interest rate decision (for more details, see The main economic events of the week 19/09/2022 – 25/09/2022).
Thus, the broad market index S&P 500 at the time of publication of this article is trading near the 3860.00 mark, slightly above yesterday’s local and 9-week low of 3830.00.
If today the leaders of the Fed live up to the market expectations and raise the interest rate again by 0.75% (or even 1.0%), then after the break of the local support level 3830 .00, we should expect another drop in the S&P 500 towards the key. support level 3685.00. Its breakout will significantly increase the risks of breaking the S&P 500’s long-term uptrend. But there is an alternative scenario (for more details, see “S&P 500: Technical Analysis and Trading Recommendations for 09/21/2022“).
Support levels: 3830.00, 3800.00, 3685.00
Resistance levels: 3885.00, 3965.00, 4020.00, 4114.00, 4150.00
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