The S&P 500 faced strong resistance at the 200-DMA followed by a sharp drop approaching January 25 daily lows at 4,287. The S&P 500 plunges almost 1% during the New York session.
After the Federal Reserve announced that it keep the Federal Funds Rates (FFR) unchanged at the 0 to 0.25% range while signaling that they would hike rates \u201csoon,\u201d the S&P 500 plummets 1.09%. At the time of writing, the S&P 500 sits at 4,313.83.
From a technical analysis perspective, the S&P 500 failed to reclaim the 200-DMA, which sits at 4,432.65, eyeing the January 24 cycle low at 4,222.62, which was the low of the 12% correction that began on January 4.
The S&P 500 outlook is bearish biased, spurred in part by the US T-bond 10-year Treasury yield rising up to 1.84% The S&P 500 first support level would be the aforementioned January 24 low at 4,222.62. A breach of the latter would expose June 18, 2021, daily low, which previously tested the 50-day moving average (DMA) at 4,164.40, followed by May 19, 2021, daily low at 4,061.41.
To the upside, the S&P 500 first resistance would be 4453.23, followed by September 23, 2021, a daily high at 4,465.40. A break above that level would expose the 100-DMA at 4,570.04.<\/p>\n","protected":false},"excerpt":{"rendered":"
The S&P 500 faced strong resistance at the 200-DMA followed by a sharp drop approaching January 25 daily lows at 4,287. The S&P 500 plunges almost 1% during the New York session. After the Federal Reserve announced that it keep the Federal Funds Rates (FFR) unchanged at the 0 to 0.25% range while signaling that …<\/p>\n","protected":false},"author":13,"featured_media":31017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[8598,6885,7561,516,7442],"class_list":["post-59068","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-correction","tag-fed","tag-resistance","tag-sp-500","tag-us-shares"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=59068"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59068\/revisions"}],"predecessor-version":[{"id":59072,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59068\/revisions\/59072"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31017"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=59068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=59068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=59068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}