The S&P500 ended up today's session in the green after reaching new lower lows, as a part of a bearish market that has brought the benchmark back to around 1998.6, ahead of the FOMC meeting, which will very likely end up in a rate hike, the first in the past 8 years. An increase in the Fed's interest rate will send the benchmark seeking lower lows and throw it in a bearish market, as it will add up to the crumbling Oil prices that have been dragging the markets down.
A technical bounce may send the benchmark visiting 2045, with 2034.8 as a primary objective, should the benchmark breakout 2028.9 be broken out. In this case 2020 will be the support.
The benchmark will go south back to 1977.4, with 1998 as a primary objective, should the benchmark continue its slide, and break the 2020 level down.
The daily Pivot Point is around 2014.4. The daily support levels are around 1999.9 and 1978.6. The daily resistance levels are around 2035.7 and 2050.20.
A technical bounce may send the benchmark visiting 2045, with 2034.8 as a primary objective, should the benchmark breakout 2028.9 be broken out. In this case 2020 will be the support.
The benchmark will go south back to 1977.4, with 1998 as a primary objective, should the benchmark continue its slide, and break the 2020 level down.
The daily Pivot Point is around 2014.4. The daily support levels are around 1999.9 and 1978.6. The daily resistance levels are around 2035.7 and 2050.20.
