S&P500 Trading Ideas Ahead of the Fed 0.25 Rate Hike
The S&P500 is looking bearish ahead of the much awaited Fed Interest Rate decision later today. Sellers looks to be in control in anticipation for the rise in the USDX value.
On the daily chart, MACD shows slightly overbought signs. Selling opportunities exist at the current price 4055 with tight stop loses around 4076. Should the USDX surge later today. The S&P500 may retrace to the 4025 mark, touching the trendline as indicated by the arrow.
On the flip side should the USDX break below the 101.4 - which is unlikely - the buyers will be taking control once more.
On the daily chart, MACD shows slightly overbought signs. Selling opportunities exist at the current price 4055 with tight stop loses around 4076. Should the USDX surge later today. The S&P500 may retrace to the 4025 mark, touching the trendline as indicated by the arrow.
On the flip side should the USDX break below the 101.4 - which is unlikely - the buyers will be taking control once more.