Alice Wang
Nov 04, 2022 17:09
As the effects of the Federal Reserve meeting on Wednesday continue to be felt, the S&P 500 has decreased somewhat during Thursday's trading session. It does make sense that the S&P 500 will decline given that the Federal Reserve is likely to see tightening as the way ahead. You also need to be concerned about the effects of the worldwide recession, which will likely cause exports to decline.
The 50-Day EMA above provides a little amount of dynamic resistance as any rise at this point might provide a selling opportunity. On the other side, it is conceivable that we may decline below the 3600 level if we were to break below the bottom of the trading session's candlestick. Remember that this market has been pretty loud for a long, and despite the good rise we've seen in recent weeks, the rally is really rather minor in comparison to the general trend.
If we were to go below the 3600 level, which should provide strong support, it is conceivable that we would reach the 3500 level or perhaps the 3400 level. The 3900 level would be a significant obstacle, though, if we were to reverse course and go upward. It's possible that we might go to the 4000 level, which is also supported by the critical 200-Day EMA, if we can break through that level. In other words, this chart has a lot of warning flags that suggest sellers will keep looking for chances to short the market.
Nov 04, 2022 16:57
Nov 07, 2022 15:06