๐๐ FOMC Turbulence: Navigating Todayโs Outcome!
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Chart #1 - S&P 500 (SPX) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
In the past two weeks, the S&P 500 (SPX) has faced resistance twice within the 4,120 - 4,200 range, a similar barrier encountered in February. Depending on the market's reaction to today's FOMC outcome, various scenarios could unfold for the SPX.ย
If the news is not well-received, the SPX could retest the support levels at 4,000 - 4,070, or even the major support below that, within the 3,870 - 3,920 range. On the other hand, if the outcome is favorable, the SPX might see an upward movement, challenging the significant resistance zone between 4,120 and 4,200. This could potentially lead to testing the next major resistance level within the 4,300 - 4,370 range.
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Chart #2 - Bitcoin (BTCUSD) 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The bearish divergence in Bitcoin's Relative Strength Index (RSI) and On-Balance Volume (OBV) continues to support a bearish outlook, potentially indicating a deeper pullback. Coupled with low trading volume, these indicators suggest that, from a probability standpoint, it is preferable to wait for the bearish signals to resolve before considering a long position.ย
Entering a long position into the $30,000 resistance level may not be advisable at this time, especially with an upcoming FOMC meeting that could introduce further uncertainty into the market.
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Chart #3 - TOTAL3 3-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The TOTAL3 appears somewhat fragile, with two significant support levels sitting below the current price action area: $347.8 billion and $301.2 billion.
While it's probable that the TOTAL3 will receive some bids at the first target ($347.8 billion), the subsequent market behavior is more crucial. If it fails to bounce back strongly from that level, it may continue to chop around until it eventually revisits the range low at $301.2 billion.
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Chart #4 - Solana (SOLUSDT) 1-Day Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Earlier this year, SOL experienced a rapid price increase, surging from $8.00 to approximately $27.00 by the end of January. However, over the following three months, SOL's value fluctuated between support at $20 and resistance at $26, only once briefly testing the daily support line around $16.00.ย
Recently, SOL's price has declined from $24 to its current value of $21.70, nearing the significant support zone of $20.00 - $21.50. The daily support line also serves as additional support in this region. If SOL can reverse its downward trend, it may potentially retest the resistance levels between $24 and $26.
A breach of both the current support area ($20.00 - $21.50) and the daily support line, which extends from the beginning of January, would be unfavorable for SOL. In that case, the next support levelcan be found within the $17.80 - $19.00 range.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 64 today, indicating Greed.
The highest the index has been over the past seven days is 64, and the lowest is 55.
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Banterโs Take
It is generally unwise to enter a long position into resistance during a major economic event like the FOMC meeting. While the market could rally in response to the FOMC outcome, the current lack of volume remains a concern, making it less favorable to build a new position today.
Instead, exercising patience and waiting to establish new positions after the event may be wiser. This approach will likely increase the probability of success as market conditions become clearer and more stable.
Stay safe my friends!
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