S&P500 1h Elliott Wave Analysis
The USD is on the move since yesterday when the FED said it would reduce its monthly bond purchases by an additional $10 billion to $55 billion. The USD also recovered on hints from Fed Chair Janet Yellen that the bank could begin to raise interest rates sooner than anticipated.
Markets remain in risk-off mode and it seems that bearish moves continue today during the US trading session. S&P is consolidating now so watch for resistance area around 1855/58 figure on June 2014 contract. 1867 remains invalidation level. USD could accelerate if S&P finds sellers.
Written by www.ew-forecast.com
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