The S&P 500 rallied slightly in Wednesday’s trading session ahead of the Federal Reserve’s statement. Ultimately, it looks like the bulls are trying to bet on a rally based on the possibility of a peace deal in Ukraine, as they continue to talk about it. However, we are not at this point ready to call and go to war, so this is another story to excite stock traders. That being said, we’re also preparing to form the so-called ‘Death Cross’, so be interesting to see if that pans out.
S&P 500 Video 03.17.22
When you look at this chart we are still in a downtrend so it wouldn’t surprise me at all to see this market heading towards the 4200 level. That being said, if we close above the 200 day EMA during the trading session or over the next two days, then we could go higher. Nevertheless, there are many worries around the world due to inflation, earnings and, of course, the possibility of a downturn at the same time.
In this scenario, it’s very hard to get too excited about owning stocks, so I think it continues to be a very trying environment. However, if we explode higher, discussing the price never works. For this reason, I should follow the market regardless. All things being equal, this is a market that I believe continues to be very choppy and it should be noted that we are near the top of the short-term trading range.
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