- US stocks take a minute to digest, extending toward the center for Monday.
- The SP500, DJIA and NASDAQ post slight gains on Monday, with markets calm.
- The Fed’s rate call promises plenty of action by midweek.
The US stock index Standard & Poor’s (S&P) 500 closed the day on Monday little changed, near $4,453.00, as US stock markets take a break before the Federal Reserve (Fed) announces its latest rate request on Wednesday.
In midweek, the Fed will announce its rates and economic forecasts
The S&P saw little trading on Monday as investors prepare for the final meeting of the Fed and its Federal Open Market Committee, which is expected to hold rates steady at the next meeting scheduled for Wednesday.
The US central bank will keep interest rates unchanged, and investors will be closely watching the FOMC press conference that will follow the rate decision, for clues on the way forward in the rate hike cycle. .
The FOMC will also release its updated inflation expectations for the US economy, along with the Fed’s latest monetary policy statement.
US stocks spread their bets on Monday, with the S&P 500, Dow Jones Industrial Average (DJIA) and Nasdaq Composite indices ending the day close to where they started. The S&P was the big winner, with a slim 0.07% gain during market hours.
The DJIA and Nasdaq competed in a slow race, with the indices closing +0.02% and 0.01% respectively. The DJIA heads into the overnight session trading at $34,625.00, while the NASDAQ sits just above $13,710.00.
S&P 500 Technical Outlook
The SP500 is leaning towards support from the ascending trend line drawn from the March lows near $3,800.00, and continued declines will find support at the 100-day SMA at $4,376.00 $.
The 200-day SMA is well below $4,190.00, with markets prices capped by a sideways 34-day EMA, and the lack of significant directional momentum is causing technical indicators deviate towards their midpoints.
Current chart patterns see a bottom from the last swing low at $4,350.00 and the top marked at the September high near $4,540.00.
S&P 500 daily chart
SP500 technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
