SPX S&P500 The Bigger Picture

The FED Meeting on September 20-21 is expected to deliver 75bps hike.
The decision will be announced on September 21.
Some key data to consider:
The annual inflation rate in the US eased for a second straight month to 8.3% in August of 2022, from 8.5% in July, but above market forecasts of 8.1%.
Inflation rose for food (11.4%, the most since 1979), shelter (6.2%, the most since 1984), and used cars and trucks (7.8%).
Core CPI increased 6.3% on a year, the most since March, and up markedly from 5.9% hit in both June and July.
So there is a change to see even an 100bps hike next week!
Under those circumstances, the economic hurricane coming our way that Jamie Dimon was preaching, could become reality:

If we look at the S&P chart, we can easily presume a retracement to the $3714 support line, followed by, worst case scenario, a drop to $3100 if we are going to see more earnings revisions, like FDX did this week.

Looking forward to read your opinion about it.

Trade closed: target reached:

first price target reached.