As the market awaits for the today's FOMC rate decision, S&P500 is trading at very crucial level. It has already tested twice before,the level at 2908 which is just under the 61.8% of the Fib level & also the upper band of the Bollinger Band. Price action looks to loose its steam near this level as there are quite a lot of confluence of indicators which makes the area a high value area. The market view is very split as many investors are looking for another dip down before getting in the market. So a pull back becomes more evident. Though we can technically say the market is back in the bull market rally as the Fed has been very generous.
Today we will be also awaiting for the GDP Q1 data from the US so we would get a clear picture of the corona virus damage done to the economy.
A break below the the trendline will give us another confirmation that the market might look for dip down as it also breaks below the 50 EMA making the area between 2830-2820 very important. A daily close below this level might make the seller dominate for upcoming trading days.