The SPX500 is trading in corrective mode ahead of tomorrow's Federal Reserve interest rate hike meeting, which is expected to impact the asset class' price. Currently trading at 4000, considered a crucial support level and psychological round number, the price may resume its bullish trend after a correction.
The stability of support levels at 4000 and 3990 depends on the Fed's rate decision. If rates are hiked more than 50 points, the market may turn bearish, and if support levels break, the price may retest the consolidation breakout's top. Key levels to watch include 4000 and 3990.
I would appreciate your support and opinion of this idea. Let's watch the level mentioned with an eagle eye.
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Like magic, the SPX500 played out as anticipated with the fed hiking rate by only 25 basic points. The Dollar is now on sell-off. Please support this idea to encourage me to do more.