S&P on the Rise: Can It Break Through Resistance?

2 Feb 2023

The recent Fed interest rate decision has sent shockwaves throughout the market, and the S&P 500 is no exception. Prior to FOMC The index had made a convincing break above a 4-hour trendline that dates back to January 2022. However, now it has encountered a strong resistance level. Despite the strong upward momentum, traders should be cautious and monitor this key level closely. If the S&P 500 is able to break through this resistance, there could be potential for further gains. On the other hand, if the resistance holds, we might see a pullback in the near term. Keep a close eye on this development and stay tuned for updates.