SPX
The US Equity Market rallied for the 4th trading session last night follwing the decline of the bond yield after breaching its last Multi Year high of 4.362% down to 4.11% closing in NY session.
Investors shifted sentiments to equity markets with the growing sentiment that FED would stop hiking rates this coming Sept 19, 2023. But with still upcoming NFP (nonfarm payrolls) on Friday, there is yet to finalized whether its decision is final as per Jackson Hole symposium speech by Powell.
Technical: The chart is telling something, a daily supply gap formed after SPX hit its last high at 4600 psychological level. Once these gaps are filled, there could potentially be a continuation to the main trend to the downside.
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