The SPX500 daily is in its bullish area between the upper red and blue bands. The hourly chart on the right shows positive signals too. Its EMAs are in a favourable formation, and the stochastic is above 80. The longer the stochastic maintains this position, the greater the chances for further price appreciation. However, the key driver here will be the tone of the Fed decision tomorrow. Hawkishness may scupper the SPX500's recent gains. A cautious approach is sensible, given the inflation data released on Friday.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.