Todays 12/15/21 FOMC announcement could provide fuel for a rally and possible top in late December 2021.
The S&P 500 (SPX) – 60 – minute chart courtesy of Trading View illustrates some short- term bullish clues.
Late in the 12/15/21 SPX trading session prices pushed above a declining trendline connecting the tops made on 11/22/21 and 12/10/21. Additionally, the 60 – minute – MACD had a bullish crossover
The prior rally from 12/03/21 to 12/10/21 lasted 36 trading hours and climbed about 218 points. Adding these points and time to the 12/14/21 bottom projects that the SPX could reach 4825.00 on 12/21/21,
Several blogs have noted potential long-term Fibonacci resistance in the 4860 to 4890 zone, along with a potential Fibonacci time cycle pointing to a major US stock market peak sometime in December 2021.
If the SPX can reach 4825 near or on 12/21/21 there’s a chance for the 4860 to 4890 to be hit before the end of 2021.