The S&P 500 did almost nothing during Tuesday’s trading sessions as traders kept waiting for the FOMC results for the Wednesday session. The market is currently on a point where it is simply biding its time as it tries to figure out where it should go next.
There’s massive support on the 2600 level, setting up the 20 days EMA right there to help, but major resistance can be found at the 2700 level; breaking above there could send the market higher.
Stock markets could go higher if the Federal Reserve get out of the way, letting the market do its work naturally.
Currently, the markets are holding up the Federal Reserve, giving them what they want. It is anticipated to see the Federal Reserve soften its stance, getting itself into a ground where the markets could rally.
If this doesn’t happen, a massive selloff could come in, and retest of lows wouldn’t be weird in this situation, but until now, it is on a 50-50 of chances to this for happening.
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