FOMC Spurs Rally, signals the end of S&P500 pullback?
Boosted by positive news: the Federal Reserve kept interest rates unchanged on Wednesday. Fed Chair Jerome Powell stated that policymakers are closer to cutting rates and, if conditions are met, they might do so as early as the September meeting. This certainly reassured the market.
The S&P 500 surged 1.58% yesterday, breaking through the downtrend line, signaling an end to the short-term correction. However, the upper shadow of yesterday's candlestick reached the previous gap level, indicating significant resistance at this point. Therefore, if the price breaks through this resistance level in the coming days, it could trigger a new short-term rally.
The S&P 500 surged 1.58% yesterday, breaking through the downtrend line, signaling an end to the short-term correction. However, the upper shadow of yesterday's candlestick reached the previous gap level, indicating significant resistance at this point. Therefore, if the price breaks through this resistance level in the coming days, it could trigger a new short-term rally.
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