prepare to reveal their decisions on interest rate hikes, market participants are grappling with the uncertainty surrounding the central bank's approach to fighting inflation while addressing the recent banking crisis.The 200-Day EMA hovers just above the 4,000 level, a psychologically significant figure that has seen substantial action in the past. Consequently, it is unsurprising to see buyers stepping in if the market pulls back from its current position.
Presently, the market appears to be trading within a broader consolidation area, marked by heightenedThis trend is likely to persist, but there's a possibility that the Fed's announcement might bring some clarity by day's end. Until then, investors should brace themselves for continued choppy trading conditions.
The markets will continue to be very noisy and probably going to take a look at the future trajectory as an excuse to rally, assuming that Jerome Powell does at least acknowledge the banking situation over the last couple of weeks as something that he’s paying close attention to. After all, Wall Street will find a way to manufacture a bullish narrative, because it’s their job to sell you stocks.
Trading this market before the announcement and perhaps even a 24-hour period afterward could be very dangerous, because the market tends to have a knee-jerk reaction, and then thinks about everything before making the longer-term move. Nonetheless, we have a couple of levels to watch in the form of 4,100 and 3,900. It’s quite possible that we just bounce around in this 200-point range for a while.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »