S&P500 Ends 8-Day Streak as Markets Eye Fed Minutes Jackson Hole
S&P 500 Snaps 8-Day Win Streak Ahead of Fed Minutes and Jackson Hole Uncertainty
- Market Reversal: Wall Street reversed course Tuesday, breaking recent winning streaks.
- Fed Minutes: The Federal Reserve will release minutes from its last meeting, where rates were held but future cuts hinted
- Jackson Hole: This week's Jackson Hole event could further shake up markets.
S&P 500 Technical Analysis
The price is currently consolidating between 5,584 and 5,620, awaiting a breakout.
Bullish Scenario:
If the price stabilizes above 5,620, confirmed by a 4-hour candle close, it could rise further toward 5,676.
Bearish Scenario:
If the price remains below 5584, it could lead to a corrective move down to 5525.
Key Levels:
- Pivot Line: 5584
- Resistance Lines: 5642, 5675, 5700
- Support Lines: 5553, 5525, 5491
Today's Expected Trading Range: The price is expected to fluctuate between 5525 and 5,675.
Trend: Bullish momentum with potential correction.
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