Wednesday, 18 June 2014

S&P 500 futures hourly chart trading in a tight channel ahead of the Fed

The hourly chart shows that the S&P is trading in a tight channel ahead of the Fed circus due in a few hours, the time of which is marked with a vertical red line. The time on the chart is GMT+1 ie. London time.


Zooming out a little, the recent channel looks to me like an upwards correction of the preceding decline, indicating that the market should explore lower levels in the days ahead. But of course anything can happen. I have covered the big picture most recently yesterday on the second and subsequent charts.