Index futures are in the green after Fed holds rates steady, but uncertainty lingers before Apple earnings and key US data.
Anyway, all the major US indexes remained below their respective 21-day exponential moving averages, objectively suggesting that the bulls are not out of the woods yet. That may change soon, but until we see a confirmed signal to suggest the correction phase is over, the bulls must proceed with extra care.
For now, key short-term support at 500.00 has held. In the event the index goes on to break and hold below this level, then a potential drop to the support trend of the wedge pattern could be on the cards. The SPY may remain inside its consolidation pattern for several weeks, or even drop out of it, given that we have just entered the month of May, which traditionally has not been a great month for the markets.
. If correct, that would suggest hiring remains too hot for the Fed to consider rate cuts in the coming months.
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