On the macro front, the slowing labor market data has increased the likelihood of a rate cut. Currently, the market sees a 99.5% chance of a 50 basis point cut by the Fed in September. Some traders even believe there’s about a 60% chance of an emergency 25 basis point cut within the week.
Technically, S&P 500 index has already broken below the downtrend line, and dropped to a key support area with high volume. And the previous high double confirmed the strength of this support area.
Therefore, the price might get a short-term callback in this area today if it cannot be broken.
Make sure to hit that follow and boost button so you won't miss any updates.
Technically, S&P 500 index has already broken below the downtrend line, and dropped to a key support area with high volume. And the previous high double confirmed the strength of this support area.
Therefore, the price might get a short-term callback in this area today if it cannot be broken.
Make sure to hit that follow and boost button so you won't miss any updates.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.