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S&P 500 Remains Below 3,900 Ahead of Fed's Policy Release

 

November 2, 2022 (Investorideas.com Newswire) The S&P 500 index remained below the important 3,900 level on Tuesday, as investors awaited today's FOMC release. Will that event lead to a correction?

The S&P 500 index lost 0.41% on Tuesday, following its Monday's loss of 0.8%, as it continued to trade along the 3,900 level. Last week it extended an uptrend from the October 13 new medium-term low of 3,491.58. The market went up to the resistance level of 3,900 and since Friday it has been fluctuating below the 3,900 level. This morning the S&P 500 index is expected to open 0.1% lower on better-than-expected ADP Non-Farm Employment Change release. The market will be waiting for the Fed's Monetary Policy release at 2:00 p.m. and their Conference at 2:30 p.m. So we'll likely see an increased volatility later in the day.

The S&P 500 index continues to trade above the upward trend line, as we can see on the daily chart (chart by courtesy of http://stockcharts.com):


Futures Contract is Below the 3,900 Level Again

Let's take a look at the hourly chart of the S&P 500 futures contract. It's trading below the 3,900 level this morning. The resistance level is at 3,900-3,950, and the nearest important support level is at around 3,840-3,850. The market remains above a two-week-long upward trend line. (chart by courtesy of http://tradingview.com):


Conclusion

This morning stocks will open virtually flat, but later in the day we will likely see an increased volatility and a much bigger trading range. Despite the interest rates uncertainty, there have been no confirmed negative signals so far.

Here's the breakdown:

  • The S&P 500 index continued to trade along the 3,900 level yesterday
  • Stock prices will likely react to today's FOMC release.

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Thank you.

Paul Rejczak,

Stock Trading Strategist

Sunshine Profits: Effective Investments through Diligence and Care

The information above represents analyses and opinions of Paul Rejczak & Sunshine Profits' associates only. As such, it may prove wrong and be subject to change without notice. At the time of writing, we base our opinions and analyses on facts and data sourced from respective essays and their authors. Although formed on top of careful research and reputably accurate sources, Paul Rejczak and his associates cannot guarantee the reported data's accuracy and thoroughness. The opinions published above neither recommend nor offer any securities transaction. Mr. Rejczak is not a Registered Securities Advisor. By reading his reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits' employees, affiliates as well as their family members may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

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