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The dollar and major US stock indices, having received a new impetus from Powell's speech today, will move in one direction or another. The most likely, in our opinion, is the resumption of the growth of the dollar and the decline of the S&P 500. At the same time, it is likely that after a downward correction, the S&P 500 will again move upwards, towards the upper limit of the rising channel on the daily chart and to the mark of 4400.00: one way or another, despite the overly tight tightening cycle, the Fed's monetary policy is still relatively soft.
In an alternative scenario the S&P 500 will move towards the key long-term support levels 3885.00 (EMA144 on the weekly chart), 3675.00 (EMA200 on the weekly chart). Their breakdown could finally break the long-term global bullish trend of the S&P 500.
Support levels: 4185.00, 4172.00, 4160.00, 4114.00, 4100.00, 4095.00, 3885.00, 3675.00
Resistance levels: 4185.00, 4200.00, 4300.00, 4324.00, 4400.00, 4540.00, 4630.00, 4810.00
Trading recommendations
S&P 500: Sell Stop 4144.00.00. Stop Loss 4212.00. Targets 4114.00, 4100.00, 4095.00, 3885.00, 3675.00
Buy Stop 4212.00. Stop Loss 4144.00. Targets 4300.00, 4324.00, 4400.00, 4540.00, 4630.00, 4810.00
