S&P 500: Bears should take note as the index is about to break its 50-day EMA



The index broke the key resistance at 4,337 after the terrorist organization Hamas attacked Israel over the weekend. No one knows how long Israel will continue bombarding the Gaza Strip to punish Hamas' terrorists and supporters for their heinous crimes, killing innocent civilians, including several farm workers from Thailand. Hence, the idea of one more rate hike before the end of the year, suggested by two-thirds of the FOMC committee members per the Fed Minutes released today, could pretty much be gone out of the window.

The index is retesting its 50-day EMA. A breakout will send the index higher to retest the trendline resistances ~ 4,425.

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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