On the US500 index as well as on the US100 one can observe a potential bearish engulfing pattern on the D1 interval. It should be remembered that today at 6:00 pm GMT we have the Fed's decision along with the publication of macroeconomic forecasts. The market expects intervention from the Fed after the recent rise in bond yields. If the central bank fails to take any action, it may trigger further declines. Therefore, the emerging bearish engulfing pattern could lead to a deeper correction.
US500 hit new all-time highs yesterday, but today a potential bearish engulfing pattern is forming on the D1 chart. The previous pattern which occurred around mid-February, led to the first wave of declines in a range of 150 points. Source: xStation5
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