SPX/USD Daily cautiously bearish. FOMC rally has likely concluded, the Fed did what Mr. Market expected it to but at the end of the day the inflation scenario (exacerbated by Russia/Ukraine, US worker shortage and lockdowns in China) is getting worse every day. Recommended ratio: 20% SPX, 80% cash. Price broke back down below $4175 support in yesterday's session and is currently forming a Doji Candle as it retests the lower trendline of the descending channel from August 2021 as support. Volume remains moderately high and has favored sellers in two consecutive sessions to end the trading week. Parabolic SAR flips bullish at $4308. RSI is currently trending down and testing 38.06 support after being rejected by the uptrend line from January 2022 at 48.79 as resistance. Stochastic remains bullish and is currently on the verge of a bearish crossover at 51.40; the next resistance is at 76.29 and the next support is at 18.32. MACD remains bearish and is currently retesting -76.22 minor support (after a failed attempt at trough formation) with no signs of new trough formation; a fall below -76.22 would reaffirm that the MACD uptrend line from January 2022 (at -55) has been broken. ADX is currently trending up slightly at 23.5 as Price continues to see selling pressure, this is mildly bearish; if it keeps trending up past 25 as Price continues to fall this would be very bearish. If Price is able to bounce here (off of the lower trendline of the descending channel from August 2021) at $4100, then it will likely retest $4175 resistance before makings its next move. However, if Price continues to fall here (after yesterday's Bearish Engulfing Candle) then the next likely target is a test of $3938 support (which would be the first test of this support). Mental Stop Loss: (two consecutive closes above) $4175.