SPX

The charts look bearish but Wednesday is FOMC Day, so anything can happen. I believe the market will drop after the announcement because the Federal Reserve Chairman Jerome Powell will likely make a hawkish announcement as a result of tariffs. Trump's tariffs will very likely lead to trade wars, which is inflationary. That means the Fed will have to raise interest rates soon (not lower it as the market will like to hear). I just don't see the tariffs Trump is planning go unanswered. They will definitely be retaliatory majors, especially from a nation like China. Therefore, Chairman Powell has no choice but to be hawkish. So look for a big drop after the announcement and news conference. Also note that fake-outs are common immediately after the announcement. So an initial spike up before a turnaround shouldn't come as a surpice.

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