Stocks surged in the wake of the Federal Reserve's latest interest rate announcement, with the Nasdaq ending Wednesday's session higher by 2%. Investors focused on comments from Fed Chair Jerome Powell suggesting that the central bank was starting to make progress in its fight against inflation.
Chart: SPX 15 mins
Chart: SPX daily
From tech side of analysis, yesterday's reaction is a sign of strength, and makes a correction to the 21 ema become less likely to happen. The market tried to break 4150ish resistance but failed, even though the trend is bullish but there’s no clear reversal sign on it yet. 4050ish 15 mins support (also 8 EMA daily) which can be used for day trading, but for now, the key points are whether the market can find support around 4050ish and keep going up.
Please feel free to express your ideas and thoughts in the comment section.
From tech side of analysis, yesterday's reaction is a sign of strength, and makes a correction to the 21 ema become less likely to happen. The market tried to break 4150ish resistance but failed, even though the trend is bullish but there’s no clear reversal sign on it yet. 4050ish 15 mins support (also 8 EMA daily) which can be used for day trading, but for now, the key points are whether the market can find support around 4050ish and keep going up.
Please feel free to express your ideas and thoughts in the comment section.