QQQ - The Fed Could Trigger A Correction
2024-03-18 12:42:07 ET
Summary
- The S&P 500 is trading near an all-time high, but technical indicators suggest bullish momentum is slipping.
- The Fed's interest rate decision and subsequent press conference could move markets this week.
- Three possible scenarios for the market include a shallow pullback, a more considerable correction, or a deep correction to the 200-day moving average.
Despite increased volatility and rolling corrections, the S&P 500/SPX ( SP500 ) continues trading near its ATH. The SPX recently nailed a top of around 5,200, which is impressive considering the upside of approximately 27% since the October 2023 correction bottom, which occurred only about four months ago. If we disregard the 2023 correction, the SPX is about 12% above its 2023 high now....
The Fed Could Trigger A Correction