The SPX500’s Technical Analysis: What You Need to Know Ahead of the FOMC Meeting Announcement
A quick technical analysis look at the SPX500 ahead of today’s FOMC interest rate analysis.
A quick technical analysis look at the SPX500 ahead of today’s FOMC interest rate analysis.
Over the past week, the value of USD has been declining due to bank liquidity issues, starting with Silicon Valley Bank and Signature Bank in the US, and followed by Credit Suisse.
Gold is a precious metal that has been used as a store of value and a currency for thousands of years.
Crude oil has been volatile since start of the year, but only within limited important levels.
So, a shocker of an NFP number last month took everyone by surprise. We all knew there was a risk of an outlier number, what with revisions and counting changes but no one saw that coming in our competition. The closest winner last month was 237k away!
Still, that’s what makes the NFP such a great event in our trading month, and this month is just as spicy. Because of the big number last month, this month’s will get a lot of scrutiny over its meaning for last month. For example, a -400k number this month could be seen in the context that across both months, jobs only gained 117k, which would be seen as weak. on the flipside, a -50k loss, while being the first negative print since late 2021, would mean an average across Jan & Feb of 233.5k, which is well in line with recent numbers. The reaction is likely to be a question of scale, based on the market’s reading of both months together. And, we haven’t even started on what happens if last month sees a big revision. All in all, it’s just another lottery for us to play with.
Anyway, enough of the waffle, let’s get into the competition.
On offer again is a free month of access to the Forex Analytix platform, for 3 lucky winners. All you have to do is guess closest to the NFP number on Friday.
The rules:
Want to know what fantastic services await on our platform??
Remember, even if you don’t win, you can still benefit from access to the platform via an exclusive ForexFlow 20% discount right here. This discount is for the life of your subscription, not just for a couple of months.
If you miss out on the prize, you can also get free access to the Forex Analytix Platform via our Traders Funding Program. You can check out the details here.
Good luck!!
What Next, Chairman Powell? This week will be an important one, with Fed Chairman Jay Powell testifying before the Joint Economic Committee in Washington DC, followed by Nonfarm Payrolls on Friday.
As CEO of Forex Analytix and Co founder of the Trader Funding Program, I take our products and services very seriously. These are services I use every day for my trading and analysis, but I also have to make sure they are right for our customers. Read more