$SPX Overbought Stochastic Ahead of Key FED Decision
$S&P 500(.SPX)$ - Daily Chart:
A muted day is not surprising ahead of the most important FED decision of the year.
Price closed exactly at the Point of Control of the current volume shelf ("A"), and the Stochastic is at overbought levels 👀.
In case of a negative reaction tomorrow, the closest defense area is between $5473 and $5513, considering the next volume shelf ("B") and the 50DMA.
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The market is pricing a faster pace of rate cuts than Bank of America does. Who is right?
The expectation is that Powell sounds dovish, pointing out downside risks to the labor market and be data driven for further cuts.
$SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $iShares Russell 2000 ETF(IWM)$ $iShares 20+ Year Treasury Bond ETF(TLT)$
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https://x.com/SmartReversals/status/1836090287405339032
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