• sáb. fev 24th, 2024

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S&P D, Points in US Dollars:


The Fed raised rates 75 basis points in the July decision and markets reacted positively to the news this time around, with the S&P 500 jumping to a new six-week high. The US Dollar is pulling back and as of this writing is finding support for the weekly roar in the rally. There is a Fibonacci level at 106.24 which helped to mark the bottom of that area with a long level at the 106.62 Fibonacci level. The trendline is touching again connecting the June lows, a projection that first appeared last week. The combination of smoke under the candles In this location, the lighted support of today’s helpers is roaring to catch.

Four Hour Price Table US Dollar

If H goes up, why lose the dollar?


Fears that there could be a 100 point basis in this rate decision were created as 75% of rate increases were found to have been let down by certain bets. But at a press conference, FOMC Chairman Jerome Powell made comments that could be read as risk-friendly, saying the second-quarter slowdown was significant and that creative activity, while still strong, was slowing. Inflation is the single most important factor in future rate hikes and Powell agreed that moderation measures and the labor cost index will be an important indicator.

Powell also highlighted that PCE is a predictor of inflation and something the bank should watch closely. He said that at some point the rate hikes will have to be slow, so that’s happening when PCE comes out. in economy this friday


So we will likely see this theme remain neutral for the next few days as tomorrow brings Friday’s GDP and PCE followed by University of Michigan consumer sentiment.

Against the dollar, the dollar is still hovering near its newly created 19-year high. The coin has been late for almost two weeks, and the big question is whether the bulls can pull the dollar back or if the coin moves away from the higher support level that could have something to do with the EUR/USD.

US dollar price chart

The S&P 500

The S&P 500 soared to a six-week high after the decision, extending from yesterday’s support to over 100 points. That support test showed yesterday in an interesting area, up to a 23.6% rally from the 2022 selloff, which had previously helped hold out.

This also shows the next possible resistance position at the 38.2% retracement of the same Fibonacci retracement, which is set near the second Fibonacci retracement level at the 4100 level. This area is also before support in late February, so this creates a potential confluence of resistance.

 

By Rodrigo

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