S&P 500 Hold Gains After Fed Minutes-Daily Analysis. Fed Officials Split over path of rate hike as low inflation will hurt the economy. SPX index off days high Daily technical analysis.
S&P 500 Hold Gains After Fed Minutes:
The S&P 500 Index SPX, rose 3.5 points or 0.1%, to close at 2468.11. With Materials leading while Energy fell 1.1%. SPX index opened the day on positive note at 2468.63 up by 4.02 points. Then slowly climbed to the days high of 2474.93. After the release of July Fed officials meeting by FOMC volatility is high. Then the S&P 500 index slowly starts to grind lower to the days low of 2463.86.
Fed Minutes Key Points :
A fissure appears to be developing at the Federal Reserve over when to rise interest rates.
One side is preaching caution on low – inflation environment while another worries over the price of delaying.
The divide appeared in minutes released from the Federal Open Market Committee’s July meeting
S&P 500 Index Daily Analysis:
S&P 500 index concluded its corrective upside wave from 2436 to 2475. So one more trending downside impulsive wave is bending. Stop loss or wave count change point is 2475 for sellers. Sell confirmation is triggered once the S&P 500 index breaks 2462.
If the SPX index breaks 2462 next support for the S&P 500 index is placed at 2440. So trade the SPX index with downside bias.