- The S&P 500 is trading 0.12% higher on Wednesday.
- The Dow (0.59%) and Nasdaq (1.19%) are both higher after the event.
S&P 500 4-hour chart
After the Federal Reserve left interest rates unchanged and also reiterated their stance on using tools if necessary the S&P pushed slightly higher. There could have been a small fear that the recent improvement in data could lead the Fed to relax slightly. Also, the Fed noted that their concerns surrounding the uncertainty over the coronavirus does not make them rule out any further action in the future.
Looking at the chart and importantly the price remains above the key support level at 3,154.99 (Green). The price is still also above the previous main wave high of 3,233.25. Above the current levels, there are two resistances to watch. First is the internal trendline in blue. It has been used at least three times to good effect and might become important in the future. The other is the wave high at 3,293.00 and if this resistance breaks its game on for the uptrend.
The indicators are very mixed at the moment. The Relative Strength Index is above the 50 line but looking very sideways. The MACD histogram is red but the histogram bars are getting smaller in stature and it might turn green. The lagging signal lines also look like they could cross to the upside and that could be a bullish sign. Overall the trend is still up. The market is making higher highs and higher lows and it seems that the trend might just continue.