S&P 500: The index broke the March 2022 high at 4,637.30 (~4,640) after everything went well at the FOMC meeting

The index has been up for seven consecutive weeks and is now testing the trendline resistance of the ascending channel ~ 4,740. Everything went well at the FOMC meeting on Wednesday as further rate hiking appears to be off the table. The market is now pricing in at least three rate cuts in 2024. We would not be surprised if the S&P 500 makes a new all-time high (> 4,818.62) before the year-end, or early next year at the least.

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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