US500: Anticipating a Larger Bearish Correction
Updated
US500: Anticipating a Larger Bearish Correction
The US500 index continues to signal a potential for a more significant bearish correction. Following the recent decline triggered by the JOLTS data two days ago, it remains evident that the market’s primary focus is on the upcoming Non-Farm Payroll (NFP) data and the potential rate cut by the Federal Reserve during this month’s FOMC meeting.
Currently, the US500 is confined within a narrow trading range between 5480 and 5550. This consolidation phase may persist for a while before the index resumes its downward trajectory, as indicated in the accompanying chart.
This analysis will be updated step-by-step as the situation evolves, given the substantial impact of fundamental factors, particularly the anticipated rate cut.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
The US500 index continues to signal a potential for a more significant bearish correction. Following the recent decline triggered by the JOLTS data two days ago, it remains evident that the market’s primary focus is on the upcoming Non-Farm Payroll (NFP) data and the potential rate cut by the Federal Reserve during this month’s FOMC meeting.
Currently, the US500 is confined within a narrow trading range between 5480 and 5550. This consolidation phase may persist for a while before the index resumes its downward trajectory, as indicated in the accompanying chart.
This analysis will be updated step-by-step as the situation evolves, given the substantial impact of fundamental factors, particularly the anticipated rate cut.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Trade closed: target reached
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