I last wrote about the SPX and the Federal Reserve here.
The high-wave candle forming on the following weekly chart of the SPX indicates indecision by investors.
It's formation, thus far this week, follows today's (Wednesday's) FOMC interest rate statement and Chairman Powell's press conference...about which I wrote in today's UPDATE in my above-mentioned article.
As of Wednesday's close on this weekly candle, the Balance of Power is slightly in favour of the buyers.
However, with very little price movement to the downside, that balance can shift in an instant.
It's one indicator worth watching, especially into Friday's close this week, and beyond.
With the Misery Index on the rise under President Biden's radical socialist policies, executive actions, and agenda, we're likely to see high volatility continue in both directions in all markets for the foreseeable future and into 2023, and beyond.
The Misery Index is currently at 10.94.
My post entitled SPX: The Blowoff Phase Has Begun describes the factors affecting these moves and provides links to a variety of my articles for further insights, as well as price targets and support/resistance levels for the SPX...all worth a read.