Main US inventory indexes after a pointy decline at first of in the present day’s European buying and selling session returned to the degrees of yesterday’s closing buying and selling day. Right here, market contributors appear to have most popular to take a wait-and-see place earlier than the publication of the Fed’s resolution on the rate of interest (for extra particulars, see the Main financial occasions of the week 09/19/2022 – 09/25/2022).
Thus, the S&P 500 broad market index on the time of publication of this text is buying and selling close to the 3860.00 mark, barely above yesterday’s native and 9-week low of 3830.00.
If in the present day the Fed leaders justify market expectations and as soon as once more elevate the rate of interest by 0.75% (and even by 1.0%), then after the breakdown of the native assist stage 3830.00, we must always count on an extra decline within the S&P 500 in direction of the important thing assist stage 3685.00. Its breakdown will considerably enhance the dangers of breaking the long-term bullish pattern of the S&P 500. However there’s an alternate state of affairs (for extra particulars, see “S&P 500: technical evaluation and buying and selling suggestions for 09/21/2022“).
Assist ranges: 3830.00, 3800.00, 3685.00
Resistance ranges: 3885.00, 3965.00, 4020.00, 4114.00, 4150.00