Hi Traders!
We are approaching the all-time high on the S&P 500, and traders are eagerly anticipating tomorrow's Federal Reserve interest rate decision along with the FOMC minutes meeting announcement.
Looking at the technical price action on the 1W chart, the market has been in a steady bull market since October 2022. We have drawn the ascending price channel on the chart for you to see.
Before the all-time high at 4818.62 (the apex level), there is a resistance level at 4637.30. This level is key because there was a price rejection at this level 16 months ago, and we have not been above it since then.
If we get a break and close above 4637.30, then the apex level at 4818.62 is the next target, and if that breaks, then we will be trading in record-breaking territory.
On the other side, if 4637.30 holds and there is not a break and close above this level, then the bull market we have had for the past 16 months may be coming to an end, and we may get a pullback to the long-term support level at 4325.28.
Please do not forget to like, comment, and follow, as your support greatly helps.
We appreciate your continued support!
BluetonaFX
We are approaching the all-time high on the S&P 500, and traders are eagerly anticipating tomorrow's Federal Reserve interest rate decision along with the FOMC minutes meeting announcement.
Looking at the technical price action on the 1W chart, the market has been in a steady bull market since October 2022. We have drawn the ascending price channel on the chart for you to see.
Before the all-time high at 4818.62 (the apex level), there is a resistance level at 4637.30. This level is key because there was a price rejection at this level 16 months ago, and we have not been above it since then.
If we get a break and close above 4637.30, then the apex level at 4818.62 is the next target, and if that breaks, then we will be trading in record-breaking territory.
On the other side, if 4637.30 holds and there is not a break and close above this level, then the bull market we have had for the past 16 months may be coming to an end, and we may get a pullback to the long-term support level at 4325.28.
Please do not forget to like, comment, and follow, as your support greatly helps.
We appreciate your continued support!
BluetonaFX