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S&P 500 Remains Below 3,900 Ahead of Fed’s Policy Release


November 2, 2022 ( Newswire) The S&P 500 index remained below the important 3,900 level on Tuesday, as investors awaited today’s FOMC release. Will that event lead to a correction?

The S&P 500 index lost 0.41% on Tuesday, following its Monday’s loss of 0.8%, as it continued to trade along the 3,900 level. Last week it extended an uptrend from the October 13 new medium-term low of 3,491.58. The market went up to the resistance level of 3,900 and since Friday it has been fluctuating below the 3,900 level. This morning the S&P 500 index is expected to open 0.1% lower on better-than-expected ADP Non-Farm Employment Change release. The market will be waiting for the Fed’s Monetary Policy release at 2:00 p.m. and their Conference at 2:30 p.m. So we’ll likely see an increased volatility later in the day.

The S&P 500 index continues to trade above the upward trend line, as we can see on the daily chart (chart by courtesy of

Futures Contract is Below the 3,900 Level Again

Let’s take a look at the hourly chart of the S&P 500 futures contract. It’s trading below the 3,900 level this morning. The resistance level is at 3,900-3,950, and the nearest important support level is at around 3,840-3,850. The market remains above a two-week-long upward trend line. (chart by courtesy of


This morning stocks will open virtually flat, but later in the day we will likely see an increased volatility and a much bigger trading range. Despite the interest rates uncertainty, there have been no confirmed negative signals so far.

Here’s the breakdown:

The S&P 500 index continued to trade along the 3,900 level yesterday
Stock prices will likely react to today’s FOMC release.

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Thank you.

Paul Rejczak,

Stock Trading Strategist

Sunshine Profits: Effective Investments through Diligence and Care

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