Powell signals the possibility of a cut in September. US500 recovers half of its losses from the second half of July
US500 is already trading over 2% and is at its highest level since July 24. At the same time, Index has already recovered around half of the losses made since mid-July. The reason for the rise is, of course, decent results from American companies and a fairly dovish Powell during the post-Fed decision conference. Although the Fed's statement itself was rather neutral, Powell signals the possibility of a cut if the data justifies it.
US500 is rising by over 100 points today and is testing the 50.0% retracement of the last downward wave. At the same time, we see that just above is a bearish price gap and resistance in the 5,600 area, marked with the 61.8% retracement, where negative price reactions were previously observed. If US500 rises to these levels today, it is possible that profit taking and a slight correction will occur in these areas.
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Source: xStation5
