S&P 500: Short-Term Sell (Update)
S&P 500 futures, 4-Hour Chart Analysis
The S&P has been trading in a very narrow range so far this week, as traders took a step back before the Fed decision in the wake of the weak economic numbers in recent weeks. Our trading recommendation remains valid before the important announcement, and traders should leave their stop-loss orders slightly above the 2400 level, as volatility is expected to rise tonight.
The benchmark is still below the prior all-time high despite the jump in global stocks. The short-term consolidation pattern that developed after the post-election surge is intact, and the MACD indicator drifted back to neutral territory thanks to the sideways price action.