Reversal confirmed
Chart: SPY daily and 15 mins
From the tech side of analysis, the green dot I draw on daily chart is like a trend reversal confirm.
Yesterday before 11AM was good and as we expected, but 399-400ish resistance was too strong and stocks dropped after the U.S. central bank announced a quarter-point interest rate hike.
Meanwhile, commentary from Fed Chair Jerome Powell became a fodder for significant debate on Wall Street, as investors tried to parse whether the central bank was close to ending its rate increases.
Chart: SPX daily and 15 mins
Since market open lower, then it will likely go up and fill the open gap after market open, but 21 EMA from daily will cause some selling pressure for the market. If we look down, then 8 EMA from daily may provide some support for the SPY.
Please feel free to express your ideas and thoughts in the comment section.
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