FX.co ★ S&P 500 Spotlight: Unraveling Market Trends with #SP500

The US stock market is under pressure today despite opening with an upside gap. During the US session, selling resumed and the #SP500 index price is once again attacking the descending support area around 7400. If this support is broken to the downside, the price will exit the contracting triangle to the south, and then we risk getting a significant downward wave towards the 7220 and 7100 levels. But I assume that until Wednesday and the Fed meeting, the price will remain within the boundaries of this pattern, and only after the meeting results we will see a significant move on the chart. And in a week we still have labor market data ahead of us.