Get ready for a wild ride: Here’s how S&P 500 could set up for huge momentum swing after FOMC [Video]

Ming Jong Tey Independent Analyst

Despite the bearish sentiment in the stock market, S&P 500 was oversold and should attempt to rally up according to Wyckoff’s efforts vs results.

Watch the video below to find out how the coming FOMC announcement for the rate hike could stir up for a huge momentum swing. It is essential to pay attention to how S&P 500 reacts at these key levels in order to form the trading plan for short-term swing trading.

The bullish setup vs. the bearish setup is 166 to 243 from the screenshot of my stock screener below pointed still a negative market environment.

Despite the rebound in S&P 500 as anticipated, the stock market breadth is lacking behind suggested an upside non-confirmation, which is not a healthy market. Semiconductor group (SMH)remains as outperforming in the short-term, medium and longer term since Oct 2022 as discussed during the live session. The video above is part of the latest Weekly Live Group Coaching Session (1.5 hours) on 23 Mar 2023.

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD slips below key averages as geopolitical risks mount

GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.

Gold falls to near $5,100 as inflation fears weigh amidst Middle East conflict

Gold price faces some selling pressure near $5,100 during the early Asian session on Wednesday. The precious metal falls amid a renewed US Dollar demand and dimming prospects for US rate cuts. The US ISM Services Purchasing Managers Index report will be published later on Wednesday.