Technicals | Sep 20 2022
By Michael Gable
The last couple of weeks have been massively volatile due to the CPI numbers out of the US and this week's likely interest rate hike from the US Federal Reserve.
We will know for sure on Thursday morning what the interest rate hike is and how the US market wants to react to it, but unfortunately the Australian market is closed that day.
In other words, today and tomorrow will continue to see whipsaw action in the markets and there will be a lot of noise generation until Friday's session.
In terms of the S&P500 Index, it is at a support zone now, and if this breaks, then we would be looking at levels back near 3700 to possibly provide support.
Unfortunately. we cannot control or predict the markets, so we will probably need to wait until Friday at the earliest to get some clearer ideas as to the next direction of the trend.