The US’s trend remains unchanged: strongly bullish. After yesterday’s decision taken by the FED, which decided to keep rates unchanged, investors reacted as analysts had expected. Without excessively increasing of long positions but keeping prices stable.
When President Powell’s conference began, he said that even if the US economy is stable now. The inflation below the 2% target area a step back is not expected by cutting rates and Injecting new money into the market. The price began to undergo a series of sales making them retrace and close the session on their respective key supports.
The US’s trend remains unchanged: bullish and this descent, however, should already be over. From those levels it is assumed that prices can start again and reach their strengths. Those are at 29700 for SP500, 26900 for DOW JONES and 7900 for NASDAQ. The technical structure remains projected to the upside. In the case of SP500, on the higher time frames it is traveling above the EMAs. Almost certainly will touch the resistance zone set at 2940 points within a few hours. If it breaks the upward one, it will try to retest the area between 2960 and 2970 points.
In the case of the DOW JONES, the descent of Wednesday / Thursday has already been partially reabsorbed. After the test of the support at 26160 points, the price is now again directed towards the maximums of the period. On breaking the level set at 26600, this will continue up to the absolute maximum at around 26900 points.
NASDAQ was the index that has suffered this post-FED descent. The trend also remains bullish. Having retested the support in the 7720 points area, the area of the 7860 is now shared with objective points in the very short term.
We recommend a long entry on one of these three indices, the indications are for the three major US indices.
The SP500 the SL will be under the support set at 2910, the TP will be at 2940 (intermediate tp) and 2960 (final tp).
DOW JONES the SL will be under the support set at 26160, the TPs will be at 26600 and 26900 points.
And the NASDAQ the SL will be under 7720 points, the TPs at 7860 and 8000 points.