S&P Turning Lower?The current price action in the S&P500 is getting very interesting. The sell off from the 4545.25 highs saw the market breaking down below the rising channel. Price tested as low as the 4295.75 level before rebounding. The current rebound, however, has now stalled into a test of the 4475.25 level with indicators both remaining bearish. This area now risks forming a lower peak against the all time highs, with a break below 4383.50 suggesting room for a medium term correction targeting a break of the 4295.75 lows and 4236.50 thereafter.Key Data to WatchThe key focus this week will be on comments from Fed chairman Powell who makes two testimonies, starting today. With recent Fed commentary having turned decidedly more hawkish, any hawkishness from Powell risks fuelling a sharp repricing of US rates which would be a major headwind for equities markets in the near term.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/market-spotlight-s-and-p-reversal-risks"
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