The S&P 500 has been in a steady downtrend all year. That makes it a good time to assess the state of the index before the big Fed announcement later today.
Bearish and bullish forces are battling each other on this chart. First you have the sharply falling trendline that began on January 4. This 2-1/2 month slide dragged the 50-day moving average SMA below the 200-day MA today. Such a “death cross” is sometimes considered a bearish pattern, but it can also be a lagging indicator.
On the bullish side, we have recent attempts …
For more, please click here to view the related idea and chart analysis on TradingView.
