S&P 500: A S&P 500 Bottom Could Be In If The Index Can Break Above 4,200

 


The S&P 500 closed above a key resistance level at 4,000, ahead of the upcoming Feb 1 FOMC meeting. The market expects Fed policymakers to raise interest rates by a quarter-point and is betting they will end their rate-hike cycle in March, per Reuters.

The bears have been trying to take the S&P 500 down after the December meeting and they probably will do it again next week if Fed Chair Powell maintains his hawkish tone.

Mega cap tech earnings, including Apple, Alphabet and Amazon, reporting after Thursday's closing bell, might make or break the S&P 500 index. A "higher-highs" chart pattern will emerge and a bottom could be in if the index can break above 4,200.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


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