S&P 500 Eyes 4420
2022.04.06 10:51
The US dollar index is higher across the board after very hawkish Fed comments yesterday. They are finally waking up and aware of inflation, but it appears to be too late. Moodys also noted that the crisis in Russia and Ukraine and the ongoing pandemic would delay supply-side recovery. So the Fed has to act fast.
With that in mind, we see USD Index breaking higher, headed towards the 100 level, which at the same time means that investors are aware of the situation and going out of stocks. The S&P 500 index came out of a channel after completing a five-wave rally, so it looks like intraday bears are in play now, ideally down to 4420; a critical support for bulls. If this does not hold, then bulls are in trouble.
S&P 500 4-hour chart technical analysis.
