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August 27, 2021

Why The SPX500 Hit All-Time-Highs And How To Trade This

Frank Cabibi

8/27/2021

Today's Fed meeting gave us some insight on what could happen with the USD and the US indices as Powell now points towards tapering this year while holding off on the interest rate hikes. SPX500 is up 0.65% on the day while DXY is down 0.32%.

Our outlook

This updated stance given by Fed Chairman Jerome Powell suggests that we could be could be seeing some more bullish potential on the US indices going into the last four months of the year, taking into account the historically-bad month for stocks in September. If there is tapering, that's a sign of an economy that's healthy enough to start operating on its own. And if rates continue to stay this low, there is really no other place to make good return on your money- at least for the remainder of this year.

Trade Setups

SPX500

The S&P went ahead and made all-time-highs again this morning after yesterday's dip from the start of the Jackson Hole Symposium event. The markets could be pricing in the potential tapering by the Fed and buying up stocks. The index could find support around $4484, the 50 DMA, or $4455 on the 4H timeframe if we see a dip.

NAS100

The NAS100 hits ATH as well breaking the previous high at $15,404 as tech stocks rebound from this week's consolidation and minor pullback. New support lies around $15,264 where price bottomed out which also seems to be the beginning of a rising trend line on the 4H chart.

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