The S&P 500 initially rallied during the course of the day on Wednesday, but turned back around to form a shooting star. This was preceded by a bit of
The S&P 500 initially rallied during the course of the day on Wednesday, but turned back around to form a shooting star. This was preceded by a bit of a hammer, and with the FOMC Meeting Minutes coming out during the day today, it could perhaps be a sign that the market is taking risk off ahead of that announcement. However, if we can break above the 2000 level we feel that this market should continue to go much higher, especially once we break above the 2020 level. Pullbacks at this point in time should be well supported below and we will wait for a supportive candle in order to go long.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
