S&P 500 has rebounded significantly from the important support zone of 2850 points as Fed fund futures are now pricing a 92% probability of interest rate cut at the end of October. At the beginning of the week it was 74% and 60% at the end of the previous week. Additionally, the market sees a 60% chance of another cut in December which could mean an interest rate at 1.25% at the end of the year. We remind that the sell-off on Wall Street was caused by strong dip of ISM non-manufacturing index. S&P 500 futures is now only 0.1% down.
US500 is bouncing from important support zone of 2850 level, 200DMA and 61.8 Fibo retracement. Source: xStation5
