SP500 Pullback. Does it Mean Anything?

Good afternoon traders,

With the Fed taking a hawkish stance following FOMC, the S&P 500 is starting to experience a little hiccup.

On a massive bull run, check out the hourly price action on our MT4 chart below:

S&P 500 Hourly:

Click on chart to see a larger view.

As you can see, price has experienced some whipsawing price action, but in the bull market that we’re in, previous swing high resistance is now being respected as support.

But for how long?

Also, please don’t forget where we are in the grand scheme of things. Take a look at the weekly chart:

S&P 500 Weekly:

Click on chart to see a larger view.

Lucky the media is talking about that Bitcoin bubble and stocks are safe…

Right…?

Oh.

Enjoy your weekend 🙂

Dane Williams – Vantage FX

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Source: Vantage FX Blog