Bullish S&P 500 & Nasdaq 100 Technical Outlook Faces Test After FOMC

SP 500/Nasdaq 100 Highlights:

  • Stocks sell-off again post-FOMC
  • SP 500 closes on trend support, below prior high
  • Nasdaq 100 short-term bearish sequence could trigger bigger one

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SP 500/Nasdaq 100 outlook hinges on a couple of developments

Yesterday, stocks again acted like they didn’t care that rates are going up, but once again rolled over into the close after the FOMC announcement/press conference. Last week, we noted that dips were favored on mild pullbacks, but with momentum as strong as it was the notion has been put on the backburner for the moment.

With strong pressure coming down on the June trend-line risk of it breaking it is high. A break will have 2886 up first as minor support, with major support clocking in around 2873/64, the January record high and bottom of the most recent pullback. Trade down to that point would be rather important for the market to hold if it is to keep its bullish sequence of higher highs and higher lows in order since the spring.

Traders remain largely

Article source: https://www.dailyfx.com/forex/technical/home/analysis/spx500/2018/09/27/Bullish-SP-500-Nasdaq-100-Technical-Outlook-Faces-Test-After-FOMC-PRtech.html