G20: what did the leaders decide?
The G20 summit took place in Bali, Indonesia, on November 2022…
Stock Market Drops. Will Correction Continues?
Information is not investment advice
The US broad-market index, S&P 500, has been pressed below the 50-day moving average for the first time since March! Why?
- Investors are waiting for the Federal Reserve to hold a meeting on Wednesday. The central bank isn’t likely to take some hawkish actions, but it may hint at tapering this year. This will be good news for the US dollar and negative for the stock market. The anticipation of this decision is already setting the market in motion.
- The overall sentiment is pressing not only the US stock indices but also the Hang Seng index and an Australian one. Besides, most of the risk-on assets are losing their value while the US dollar is getting stronger.
- Quadruple witching is adding to the increased volatility as well. It is the simultaneous expiration of four kinds of options and futures contracts.
Tech outlook
The S&P 500 index (US500) has dropped below the lower line of Bollinger Bands, which means that the price is at extreme lows and it’s going to reverse up soon. However, the correction may continue if the index breaks below the support line of 4380. The stock index may reach the 100-day moving average of 4335.
Not to miss the reversal, we highly recommend you add the MACD indicator to your chart and monitor the breakout above the zero line. When it occurs, it would signal the upcoming reversal up.
Resistance levels are the 50-day moving average of 4430 and the middle line of Bollinger Bands at 4500.
Read more on our TradingView.
Similar
The End of Era: What Might the UK Face Next?
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
Why didn't oil prices calm despite OPEC+ attempts?
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
Popular
Bitcoin & Gold - Safe Haven Amid Bank Crisis
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
How Will FOMC Meeting Affect the Markets
As expected, the Federal Reserve hiked the key US interest rate by 25 basis points for the second straight time during its two-day meeting ending March 22. The unanimous decision of the FOMC came amid major central banks' commitment to fighting inflation while maintaining economic...
Is JPY Ready to Reclaim All-Year High?
Between October 2022, and January 2023, the Japanese Yen outperformed several other currency pairs, resulting in over a thousand pips move on pairs like EURJPY, GBPJPY, and 2000-plus...
Choose your payment system
