3 minsS&P 500 (SDX):
On the daily timeframe, the S&P 500 is showing an impressive rally. Currently, its price action appears to be outperforming the NASDAQ, reaching new all-time highs in rapid succession. This positive momentum follows news of the Federal Reserve cutting interest rates by 0.5%, exceeding the forecasted reduction of 0.25%.
If you take a closer look at the short-term movements, it’s clear that this new price range could extend even further. At the moment, there are no signs from the RSI indicating that the asset is overbought. Additionally, the resistance level that had been capping the price now appears to be turning into support. However, if the price action cools off and pulls back, the 50% level on the Fibonacci scale would likely become the next key area of interest.
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