The S&P500 has continued its bullish run after the Federal Reserve Chairman speech highlighted the Fed will slow the pace of tightening in this upcoming meeting.
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The S&P500 continues to move higher today after the Federal Reserve Chairman Jerome Powell highlighted that the Federal Reserve will slow the pace of tightening in this upcoming meeting. This means we will likely see the Fed hike by 50 bps instead of 75 bps. The Chairman also pointed out that they still have to keep an eye on inflation despite the October figure coming in lower. Chairman Powell stated ‘we cannot use one month’s worth of data to tell us the bigger picture on inflation’ and reminded the market that they will act appropriately if the inflation rate rises again.
As we can see from the charts the S&P500 has been bullish for 2 months for the first time this year. This looks set to continue as the price reacted positively to the Chairman’s speech. On the daily time frame we can see the price is working within a bullish channel heading towards the key trendline resistance around 4115.00. This could be a sticking point for the price however, if the price trades through this level the next stop for price is 4300.00.
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