After policymakers have shown more appetite for interest rate hikes, S&P500 recorded its lowest close in almost two years and it is 24% down from its record high.
The technical indicators on 1H graph are also putting the index into bear territory, with MACD histogram below 0 and keeps decreasing and RSI well below 50 neutral line.
If the downtrend continues, the index might reach and test levels of around 3530 USD. If opposite scenario occurs, the price might test its previous high at 3800 USD.
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