Ahead of the FOMC policy meeting, the S&P 500 finished another week in a negative territory. The index ended the week 1.22% lower at level of 4.450. The major contributor to weekly loss were tech companies, which were down by almost 2%. Investors were also perceiving published macro data during the week, where August inflation in the US was a bit higher from market estimate. However, investors are still anticipating that the Fed will not raise interest rates in the week ahead, simply based on August data.
The S&P 500 was traded in a mixed manner during the previous week. The index started the week around 4.485 level and reached its highest weekly level at 4.510. However, Friday`s trading session brought back the index to the level of 4.450, where it is finishing the week. For the last few weeks, the index is struggling to break the 4.500 resistance line. At this moment on charts, there is no indication that the 4.500 level might be breached in the week ahead. However, there is some potential that this level might be tested for one more time. At this moment, charts are more oriented toward the downside, and increased potential for a breach of the 4.450 line.
The S&P 500 was traded in a mixed manner during the previous week. The index started the week around 4.485 level and reached its highest weekly level at 4.510. However, Friday`s trading session brought back the index to the level of 4.450, where it is finishing the week. For the last few weeks, the index is struggling to break the 4.500 resistance line. At this moment on charts, there is no indication that the 4.500 level might be breached in the week ahead. However, there is some potential that this level might be tested for one more time. At this moment, charts are more oriented toward the downside, and increased potential for a breach of the 4.450 line.
